Listed European retail property company Vastned has announced the sale of the Rokin Plaza prime retail asset located at 11-17, Kalverstraat in Amsterdam to a private investment company for an amount of €100 mln.
The multi-tenant complex in the city centre of Amsterdam is fully let to fashion brands Uniqlo and Pull & Bear. The office space on the top floors is let to Effectory.
Vastned hired advisor CBRE last autumn to sell the asset after 'a strategic reorientation' aimed at unlocking the most value for Vastned and its stakeholders.
The proceeds of the sale will enable Vastned to reduce external borrowing; improve financial ratios and create flexibility for Vastned to shape its future portfolio, the company said in a statement.
Reinier Walta, CEO of Vastned, commented: 'This sale marks an important milestone for Vastned in this year of transition. We believe that the sale of this prime asset against the agreed price demonstrates the value of our portfolio and unlocks the desired value. We are content to sell this asset to a reputable party. Vastned continues to work on more transactions for the coming period.'
Lodewijk Buijs, head of Retail CBRE added: 'The sale of Rokin Plaza is truly unique. Only a handful of retail properties in Amsterdam match the ticket size and qualities of this landmark building.'
