German property investor Patrizia Immobilien announced on Wednesday the purchase of a shopping centre located in Almelo, Netherlands.
The acquisition, made on behalf of the ‘Patrizia Handels Invest Europa I’ fund, increases the fund’s value to €230 mln.
The seller of the asset is a joint venture between two Dutch real estate investors and developers: Dreef Beheer and Segesta Groep.
‘This acquisition is a perfect fit to Patrizia’s retail strategy to acquire convenience-based shopping centres which cater for the daily needs of the surrounding area,’ said Emile Poort, head of transactions Benelux at Patrizia.
‘This asset offers an attractive risk profile for our clients due to its historically low vacancy rates,’ he added.
The 25-unit shopping centre is currently fully occupied. The main tenants are Albert Heijn and Dirk, two supermarket chains that account for 52% of the total annual income.