EPI Special Opportunities 4 (EPISO 4), the opportunity fund advised by European real estate investment manager Tristan Capital Partners, has sold three neighbourhood shopping centres in the Netherlands for a total of around €100 mln.
The disposals, which were completed with three different buyers, come six months after the €273 mln purchase of the properties by the fund, which were originally part of the Delta Lloyd portfolio and were sold to Tristan in one of last year’s largest retail real estate investment deals in the Netherlands.
The properties are the Piazza Centre in Gorinchem, the city 35 kilometres south east of Rotterdam; Brusselse Poort in the southern Dutch city of Maastricht and Centrumplan in Geleen, near Maastricht.
Piazza Centre went to a private investment vehicle, affiliated with Dreef Beheer. The property, which was renovated in 2003, is a well-performing neighbourhood centre with 11,950 m2 of gross lettable area (GLA) and high quality tenants in its 42 retail units.
The older Brusselse Poort centre in Maastricht was acquired by HB Capital, the independent investment company of the Blokker family. The property provides 19,690 m2 of space divided into 55 stores, which are fully occupied. The centre is anchored by supermarket chain Albert Heijn.
Intown Geleen, affiliated with PBM Construction Germany, purchased the Centrumplan in Geleen, which was built in 2008. The 12,172 m2 building is in the centre of the town.
'The sale of these three non-core assets was part of our original business plan for the portfolio,' said Ben Newman, managing director Portfolio and Asset Management at Tristan Capital Partners. 'We will now focus on larger properties, predominantly in the Randstad area, which have a greater value-add component that we can unlock through active asset management and repositioning.'
Sectie5 is local partner and asset manager for all three properties.
CBRE advised Episo 4 on the Gorinchem and Maastricht transactions and Houthoff were the legal advisors. Cushman & Wakefield acted as advisor on behalf of the three individual buyers.
