Pan-European retail property firm Vastned Retail has finalised the acquisition of the city centre development 'De Promesse' in the Dutch city of Lelystad for EUR 20 mln.
Pan-European retail property firm Vastned Retail has finalised the acquisition of the city centre development 'De Promesse' in the Dutch city of Lelystad for EUR 20 mln.
The developer of the scheme was ASR Vastgoedontwikkeling.
Vastned Retail said the city centre development in the A-1 retail area of Lelystad comprises 7,350 m2 in total and houses successful retail formulas such as Hennes & Mauritz, Perry Sport, perfume chain Douglas, shoe and fashion specialist Scapino and an outlet of La Place, the second-biggest restaurant chain in the Netherlands.
Most leases have been concluded for a period of ten years. The occupancy rate is about 80%. VastNed has received a three-year rent guarantee for the remaining vacant space, taking the annual rent to about EUR 1.2 mln.
The firm's nine months figures for 2009 included a depreciation in relation to this development that was agreed in 2007, so that the property was valued at a net yield of 5.9% at the end of September 2009.
