Primonial REIM makes first Dutch investment
Primonial REIM completed the acquisition of a portfolio of 42 retail assets in the Netherlands on behalf of two of its funds.
The properties are located in 22 Dutch city centres, including Maastricht, The Hague, Haarlem, Tilburg, Breda, Leiden and Nijmegen. They are ground-floor retail premises positioned along zone 1 pedestrianised streets at the very heart of the cities. They cover a total surface area of over 16,500 m² and are mostly let to leading national and international chains such as Zara, H&M, Levi’s and Vans.
The retail real estate market is enjoying a real boom in the Netherlands, driven by strong demand from European international chains, a large number of development projects and yield compression which is still ongoing in the country’s big cities.
Grégory FRAPET, Chairman of the Executive Board at Primonial REIM, says: “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 by Loyens & Loeff, CBRE, CODABEL, Bettings and Dutch Properties Group during the course of this acquisition of assets from RJB Group of Companies, which itself was assisted by DLA Piper.