Batavia Stad, the outlet shopping centre in the Dutch city of Lelystad, has been sold by Rodamco Europe to retail fund manager Bakkenist & Emmens for approximately EUR 38 mln. The purchase price was slightly below the latest book value but reflected a net initial yield of 5.6%.
Batavia Stad, the outlet shopping centre in the Dutch city of Lelystad, has been sold by Rodamco Europe to retail fund manager Bakkenist & Emmens for approximately EUR 38 mln. The purchase price was slightly below the latest book value but reflected a net initial yield of 5.6%.
With 14,700 m2 of gross lettable area, Batavia Stad is home to 68 retail units from which manufacturers of major international brands offer their second last collections and surplus articles at 30% to 70% discounts. The centre is open seven days a week.
Rodamco Europe said the sale of Batavia Stad is in line with its policy of divesting non-core investments in order to increase the focus on high quality shopping centers in key European cities. 'Batavia Stad outlet center is a specific form of retail which needs a unique management approach and tenants network,' Rodamco Europe said in a statement.
With EUR 10 bn in property assets, Rodamco Europe is the largest listed property investment and management company in the retail sector in Europe.
Bakkenist & Emmens is a financial service provider based in the Dutch city of Zeist that specialises in the development and managing of retail funds and other investment products.
