VastNed Retail has sold part of its Dutch property portfolio to a private investor for just over EUR 37 mln, reflecting a net initial yield in the region of 7.5%. The legal transfer will take place in the middle of December 2008 and the income will be used to repay bank loans.
VastNed Retail has sold part of its Dutch property portfolio to a private investor for just over EUR 37 mln, reflecting a net initial yield in the region of 7.5%. The legal transfer will take place in the middle of December 2008 and the income will be used to repay bank loans.
VastNed Retail, the Rotterdam-based pan-European retail property fund, said the sale price corresponds to the book value at end-September 2008. The shops sold generate an annual gross rental income of EUR 2.8 mln. Amsterdam-based retail property broker Bouman Visscher Van Limbeek advised VastNed Retail on the transaction.
