Dutch property companies VastNed Retail and Fortis Vastgoed Ontwikkeling have announced the conclusion of agreements concerning three retail development projects in the Netherlands. VastNed will be acquiring a shopping centre in Hendrik-Ido-Ambacht and a number of shops in the centre of Lelystad from Fortis, while Fortis has taken an option to purchase various retail properties in Amsterdam from VastNed.
Dutch property companies VastNed Retail and Fortis Vastgoed Ontwikkeling have announced the conclusion of agreements concerning three retail development projects in the Netherlands. VastNed will be acquiring a shopping centre in Hendrik-Ido-Ambacht and a number of shops in the centre of Lelystad from Fortis, while Fortis has taken an option to purchase various retail properties in Amsterdam from VastNed.
Both of VastNed Retail's acquisitions are expected to be completed in the second half of 2009 and to be 70% pre-let by the project developer. The total lettable area of both projects is around 15,600 m2 and together will cost VastNed around EUR 44 mln. The company says both the sales price and initial yields are in line with the market. Fortis Vastgoed Ontwikkeling says it expects to decide on the execution of its option on the retail properties on Amsterdam’s Osdorpplein in the middle of September.
