UBS Asset Management (UBS-AM) has completed the first phase of the acquisition of a high street retail-led development project in the Netherlands.
The Catharinasteeg development in Leiden comprises 10 retail units housed in listed buildings with a total area of around 7,800 m2, as well as 21 residential apartments.
The scheme, which is scheduled to go to market this summer, is part of the Aalmarkt project which will create a new shopping circuit in the university town.
The retail units vary in size from 40 m2 to 3,150 m2, while the residential units range from studios to three-bedroom apartments.
Retail tenants in the area such as Mango, H&M and Via Mio plan to relocate to Catharinasteeg once the development is complete, UBS-AM said.
Ward van de Braak, head of real estate Nordics and Benelux, said: 'Catharinasteeg will deliver us with a mixed-use development in turn-key condition located in one of the Netherland’s most popular historical cities, making it a strong diversifying addition to our Northern European portfolio.'
Bart Meijer, CEO of construction firm MRP, which is managing the development, added: 'This inner city development, comprising the redevelopment of a great number of monumental buildings, is unique for the Netherlands. We are not only restoring and upgrading all these monumental buildings, but also improving the retail structure within Leiden.'
