Vastned Retail has acquired a retail development in the southern Dutch city of Roermond for EUR 55.2 mln. Work has just begun on the complex and when completed in the 2008 it will comprise 36,200 m[sup]2[/sup] plus parking for 1,250 vehicles. The gross average rent will be about EUR 105 per m2, generating a total rent of EUR 3.6 mln.The initial rental yield will be about 6%.
Vastned Retail has acquired a retail development in the southern Dutch city of Roermond for EUR 55.2 mln. Work has just begun on the complex and when completed in the 2008 it will comprise 36,200 m2 plus parking for 1,250 vehicles. The gross average rent will be about EUR 105 per m2, generating a total rent of EUR 3.6 mln.The initial rental yield will be about 6%.
Vastned, a Dutch company, said the facility will house a range of retail branches and 'serious commitments' have been received from and/or rent contracts agreed with national and international retain chains, including Media Markt. Retail Park Roermond is being realised by the local developer Van Pol Participaties in conjunction with TCN Properties of Utrecht. Construction is being carried out by VolkerWessels.
Hans Pars, chief investment officer of VastNed Retail said: 'Together with the sizeable investments in the road system in and around Roermond, Retail Park Roermond will strengthen the position of Roermond as the centre for shopping in mid-Limburg. Clearly we are very positive about the future success of this 'state of the art' retail park, which fully meets the wishes of both present-day consumers and retailers, and therefore is in line with our investment strategy.'
