Kansa Grundstücksgesellschaft, a fund managed by Germany's KGAL Investment Management, has acquired a Dutch shopping centre from EPISO 4, an opportunity fund advised by pan-European real estate investment manager, Tristan Capital Partners, and Timeless Investments.
Financial details were not revealed.
The Raaks shopping centre in Haarlem, the Netherlands, was originally acquired by Tristan as part of a wider portfolio from Generali in 2015.
The asset has a total area of around 12,100 m2 and is situated on top of Haarlem’s largest parking facility.
'Tenant demand and customer footfall remains strong for well-located shopping centres like Raaks, and Haarlem has performed well over the past few years in terms of increased economic growth and spending power, a trend we continue to see across the Netherlands.,' said Jean-Philippe Blangy, head of asset management at Tristan Capital Partners.
Raaks is fully let to 17 retailers, including international and local brands, and has a weighted average lease term (WALT) of just below eight years. Its anchor tenants are Albert Heijn, Bever, Pathé and Intersport.
'This acquisition by a German fund clearly proves that this asset has been established as a high-quality retail shopping centre over the past few years which is a positive sign for the future and its new owner,' said Tim van Veggel, managing partner at Timeless Investments.
Brickstone Retail, Savills and Houthoff advised the seller during the transaction. The buyer was advised by Loyens & Loeff.