German investor Real I.S. has purchased a shopping centre in the Netherlands, located in close vicinity to the city of The Hague.
Financial details were not disclosed.
The asset named Winkelcentrum Rokkeveen in the satellite town of Zoetermeer, comprises 10,800 m2 and is let to 45 tenants, including two major supermarket chains. The building underwent comprehensive renovations in 2013 and 2015.
Real I.S. made the acquisition on behalf of its open-ended real estate special alternatives investment fund, BGV VIII Europa.
The vendor in the transaction was from Sectie5 Investments NV, which acquired the property in 2009, also for an undisclosed sum.
Welcoming the acquisition, Melanie Grüneke, head of country Real I.S. Netherlands, said: 'Zoetermeer as a whole, and Rokkeveen in particular, benefit from being so close to the major business centre of The Hague. As a result, Rokkeveen has established itself as both a sustainable and stable residential district, which in turn creates distinct benefits for the local shopping centre in the heart of this residential area.'
Axel Schulz, global head of investment management at Real I.S. AG, said: 'The Dutch retail property market has maintained its attractive risk/return profile. Demand for modern shopping centres is particularly strong in the areas around major economic centres such as The Hague. With a local market share of 75%, Shopping Center Rokkeveen is a fantastic and solid addition to our real estate portfolio in the Netherlands.'
The purchase is the third by Real I.S. AG in the Netherlands. It acquired ArenA Boulevard in Amsterdam in 2015 and the Parade shopping centre in Nootdorp in 2017.
