AEW invests in Dutch retail market with the acquisition of the Arena shopping centre
AEW has acquired the Arena, a central inner-city shopping centre in ‘s-Hertogenbosch, the Netherlands, from Aberdeen Standard Investments. The acquisition is on behalf of one of its private client funds, Actipierre Europe.
The property is located adjacent to the historic city centre of ‘s-Hertogenbosch and comprises a total lettable area of approx. 8,200 sq m, of which 95 per cent is leased. Occupiers include Albert Hein, H&M and New Yorker, as well as the restaurant La Place. Additionally, the centre is situated above one of the main car parks in the historic city centre.
The asset was refurbished and modernised in 2015, but also has further potential for active asset management to optimise the property.
Frédérique Weber, Country Manager for the Netherlands at AEW, says: “The Arena shopping centre is strategically positioned in a central location serving the demand from the local community in and visitors of ‘s-Hertogenbosch. The asset offers an attractive income profile and a strong tenant mix, as well as opportunities to optimise value through active asset management. This makes this property perfectly aligned to the investment strategy of the Actipierre Europe Fund.”
AEW was advised by Brickstone and Loyens & Loeff and Aberdeen Standard Investments was advised by Cushman & Wakefield and Van Doorne.