French asset manager Primonial REIM has acquired a portfolio of 42 retail assets in the Netherlands on behalf of two of its funds.
Financial details for the deal, Primonial's first in the Netherlands, were not disclosed. The vendor is the RJB Group of Companies, a privately held Dutch real estate group.
The properties covered by the transaction are located in 22 Dutch city centres, including Maastricht, The Hague, Haarlem, Tilburg, Breda, Leiden and Nijmegen. They are all ground-floor retail premises positioned along pedestrianised streets and cover a total surface area of over 16,500 m². Most of the assets are let to leading national and international fashion chains such as Zara, H&M, Levi’s and Vans.
Grégory Frapet, management board chairman at Primonial REIM, said: 'We feel proud about Primonial REIM’s first deal in the Netherlands, in a move that will increase our pan-European footprint considerably. This investment is fully consistent with our strategy of branching out into new sectors and new regions and taking a selective approach to the real estate assets we work with.
'When it comes to retail real estate, we prefer to operate in Europe’s large national and regional cities which offer truly vibrant economies and favourable demographic trends. We are part of the drive towards reviving city centres at a time when local neighbourhood stores are making a comeback.'
Primonial REIM was advised on the deal by Loyens & Loeff, CBRE, Codabel, Bettings and Dutch Properties Group. RJB Group of Companies was assisted by DLA Piper.