CBRE Global Investors has announced the sale of five shopping centres in the Netherlands to a consortium of ARC Real Estate Partners and an unnamed US based private equity fund.
The sale was carried out on behalf of CBRE GI's non-listed core Dutch Retail Fund as part of its strategy to refocus its portfolio on the most dominant retail locations in the largest Dutch cities.
The assets are De Maasboulevard, Venlo; the Corridor & Passage shopping centre in Veenendaal; the Mercurius Centrum in Assen; Stadhuispassage & De Stoep shopping centre in Spijkenisse and Elzaspassage in Helmond.
Following the sale, over 75% of the fund’s portfolio is allocated to prime high street retail and shopping centers in the seven largest cities in the Netherlands, the vendor said in a statement. The Amsterdam assets represent 25% of the total gross asset value of the fund.
CBRE GI said that the fund is now actively looking to reinvest capital through active portfolio management and acquisitions in dominant high street locations and selected shopping centres in the Netherlands.
CBRE Global Investors was advised by Cushman & Wakefield, CVO and Houthoff. ARC Real Estate Partners was advised by Azul Real Estate, Search and Loyens & Loeff.