Dutch listed retail property company Vastned has sold €65.3 mln of non-strategic assets in the Netherlands and acquired two high street properties worth a total €18.1 mln in Paris and Amsterdam as part of a reshuffle of its portfolio.
The company has sold a large number of assets to private Dutch real estate investor Urban Interest for €46.7 mln, including part of the Boven 't IJ shopping centre in Amsterdam, part of Overvecht shopping centre in Utrecht and eight high street shops in The Hague.
Vastned has also divested shopping centre Buitenmere in Almere Buiten north of Amsterdam and a number of individual high street shops in Bussum, Culemborg, Enschede, Harlingen, Leiden and Zwolle for a total €18.6 mln to private investors.
The occupancy rate of the properties averages 80%. Vastned said it sold the non-strategic assets for around 6% below their book value.
On the buy side, Vastned has acquired a premium high street shop at Rue de Rennes 146 for €12.4 mln (including acquisition costs) from a family office. The 200 m2 propery is let to Oysho, part of Spanish retail group Inditex.
In the Netherlands, the company has purchased a property at Leidsestraat 2 in the centre of Amsterdam for €5.7 mln (including acquisition costs) from a foreign owner. The asset is partly let to the Amsterdam Cheese Company.
