Savills IM buys into 'improving' Dutch economy with 30,000m2 retail deal

Savills Investment Management has acquired a 30,000 m2 shopping centre in the Dutch city of Tilburg for its European Retail Fund (ERF).

Savills IM said the purchase reflected its growing confidence in the recovering Dutch economy. It brings the company’s total investment in the Netherlands in 2015 to €100 mln, following the acquisition of a High Street retail development in Enschede and a logistics unit in Amsterdam.

The AaBe Retail Park in Tilburg is being developed in three phases, with phases two and three due to be completed in 2016 and 2017 respectively. The units are largely pre-let to tenants including supermarkets Lidl and Jumbo, discount stores Blokker and Zeeman BCC. Developer Rialto will continue to provide management services.

Ian Jones, investment director at Savills IM, said: ‘We have been monitoring the improving Dutch economy in 2015 and believe that the Netherlands offers a compelling story in terms of the possibility to acquire prime real estate in the retail and logistics sectors at attractive prices compared with other leading western European economies

‘We anticipate making further acquisitions on behalf of clients in the coming months, to complement the investment of approximately €100m so far.’

Earlier this year Savills IM’s ERF acquired a prime high street retail development in Enschede which has been fully let to Mango and leading Dutch fashion retailer Cool Cat. Its European Logistics Fund has bought a 20,000 m2 warehouse in Amsterdam, let to Kuehne & Nagel, which services supermarket chain Albert Heijn’s distribution centre in Zaandam.

Savills IM was advised by Delta State and JLL, and Simmons & Simmons. Savills Netherlands provides technical and property management services.

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