Listed retail property company Vastned has invested €39 mln in premium high street shops housing major fashion brands in three Dutch cities.

Listed retail property company Vastned has invested €39 mln in premium high street shops housing major fashion brands in three Dutch cities.

The new acquisitions, concluded in the fourth quarter of 2014, include three adjacent properties in Amsterdam’s upmarket P.C. Hooftstraat occupied by British luxury brands Burberry and Mulberry, as well as Heiligeweg 37, leased to Spanish fashion chain El Ganso.

Vastned also acquired two adjacent properties on Maastricht’s Muntstraat, leased to Tommy Hilfiger, and an outlet on Steenweg, Utrecht, occupied by shoe and outdoor specialist Timberland.

The company also disposed of several individual shops in Heerde, Hilversum, Zaandam and Groningen for a total of €7 mln, 3% above book value.

The latest transactions rebalance Vastned’s Dutch portfolio in favour of high-end shops in major cities at the expense of smaller properties in regional locations.

Taco de Groot, CEO of Vastned, said: ‘All in all, we raised the share of premium city high street shops in the Netherlands in the past six months from 39% to 44% at year-end 2014. Through investing in these premium city high street shops Vastned also contributes to the preservation of the historical characteristics of the inner cities.’

Vastned’s high street property portfolio in Amsterdam is now worth a total of €122 mln, while its assets in Utrecht are worth a total of €65 mln and Maastricht accounts for €20 mln.