A joint Venture between MPC Capital's Cairn Real Estate unit and New York-based investor Angelo Gordon has acquired the Maxis convenience shopping centre in Muiden, in the Greater Amsterdam area, from Highbrook Investors.
Financial details were not disclosed.
Maxis Muiden offers 25 retail units on a shopping area of 22,675 m2. The asset was part of the €615 mln Mesdag Delta portfolio which was taken over by Highbrook earlier this year in an off-market transaction with landlord Breevast.
'We are very pleased to buy our second retail investment with Cairn Real Estate despite a short deal timeline,' said Marcel Hertig, vice president at Angelo Gordon. 'We were very familiar with Maxis Muiden having pursued the asset for over two years while it was in a stressed CMBS structure. We especially like the asset for its unique location on the eastern edge of Amsterdam with great connections to road networks, a very wealthy catchment and one of the areas in Amsterdam with the largest pipeline of new residential. We have identified a number of value-add drivers that we will unlock together with our partner Cairn Real Estate.'