Retail real estate investment manager Redevco has acquired the Hydrion retail park in Arlon, capital of the southern Belgian province of Luxembourg, on behalf of one of its clients.
The property, with a value of about €60 mln and a sub 6.0% yield, was acquired from Herald, a European fund managed by TH Real Estate.
Suzy Denys, director investments at Redevco Belgium, said: 'Hydrion is the dominant retail park in the region and there are a number of opportunities to add value to this property through active asset management.'
'The sale of Hydrion is part of a wider divestment programme in light of the fund entering into its wind down phase,' added Carl White, fund manager at TH Real Estate.
Hydrion will be in the top three of Redevco’s largest retail parks by gross lettable area (GLA) in Belgium, where roughly a quarter of its €6.8 bn European property portfolio is located. The property was built in 2004 and provides 33,605 m2 of gross lettable space on a 9.2-hectare plot of land. It comprises 42 units that are 95% occupied, alongside 900 parking spaces.
The acquisition is the seventh by Redevco under a retail property investment programme launched last year to focus on prime buildings on the principal shopping streets of the larger cities across Western Europe, inner city shopping centres and dominant out-of-town retail parks.
DLA advised Redevco, CBRE and Linklaters advised TH Real Estate on the transaction.
