CBRE GI agrees sale of Dutch high street retail asset

CBRE Global Investors has agreed the sale of a 18,000 m2 high street retail property in Nijmegen, the Netherlands, in a share deal with developer/investor MWPO.

Financial details were not disclosed.

CBRE Global Investors’ Dutch High Street Club acquired the asset in 2017, which was formerly a V&D department store, and within the hold period, the asset has been re-let and planning secured for a mixed-use redevelopment.
 
In 2018 and 2019, the department store was split into multiple units with retail units on the ground floor and the basement. The retail units have been let to Decathlon and TK Maxx with the upper floors planned for a mixed-use development. The repositioning of this asset has included the implementation of various sustainability measures, resulting in a 43% reduction in energy consumption.
 
Martijn Vlasveld, portfolio manager, CBRE Dutch High Street Club at CBRE Global Investors commented: ‘This transaction shows the strong interest for assets with mixed-use potential that are in locations in the city with high footfall. I am very proud that we have been able to re-let the vacant retail units, implement several sustainability measures and have been granted permission to redevelop the upper floors, with the support from the municipality and developer MWPO. This transaction represents a good outcome for our investors, selling at an optimum time given both the lifecycle of the investment as well as the recovery of the footfall in the inner cities.’

CBRE Global Investors was advised by CBRE and Houthoff.

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