Vastned Retail buys 19 Dutch shops for EUR 29m

Pan-European retail property fund VastNed Retail has acquired 19 stores in shopping centres in the Netherlands for a total of EUR 29.1 mln. The assets are located in the Overvecht shopping centre in Utrecht and Zuidplein shopping centre in Rotterdam and were acquired from Unibail-Rodamco and ING REIM.

The 15 shops acquired in Overvecht are let to retailers including electronics chain Dixons, lingerie chain Hunkemöller, confectioners Jamin and shoe discounter Scapino. The total lettable floor area is 5,300 m2, and the annual rental income comes to about EUR 1.4 mln.

Overvecht has a strong regional presence with about 110 retail units over 27,000-m². All major national retail chains are represented. Three supermarkets, C&A, H&M, Vera Moda and Hema act as anchors. The centre has 1,100 parking spaces. A planned expansion will add a further 8,000 m² of retail space.

Unibail-Rodamco will deliver the shops at the end of October 2010.

VastNed Retail has also expanded its position in the Zuidplein shopping centre in Rotterdam by acquiring four shops. With 155 shops comprising 55,000 m² and 12 million visitors per year, Zuidplein is one of the largest shopping centres in the Netherlands. All major national and international retailers, such as Saturn, V&D, New Yorker and C&A, are represented in the centre.

The four retail units acquired from ING REIM comprise 1,150 m² and yield an annual rental income of about EUR 500,000. Tenants include chemist chain Etos (Ahold) and baby care specialist Prenatal. The vendor is .

These transactions will be concluded at an average net initial yield of 6%.

Reinier van Gerrevink, CEO VastNed Retail: 'These acquisitions strengthen our position in the Netherlands, which has now reached a portfolio volume of over EUR 735 mln, and we are well on our way to investing the proceeds of the share issue of last autumn. Since this issue we have invested over EUR 75 million in new acquisitions and completion of pipeline projects. The acquisition of these shops is highly attractive since upon delivery they will immediately contribute to the direct investment result per share.'