Savills Investment Management acquires Amsterdam shopping centre
Savills Investment Management (SIM) has acquired the Bos en Lommerplein shopping centre in Amsterdam, the Netherlands from a fund that was assisted in its asset management by Propertize, for a purchase price of EUR51 million.
The shopping centre comprises approximately 12,000 sq m LFA and 534 parking spaces, and is located at Gulden Winckelplatsoen, Bos en Lommerplein and Leeuwendalersweg in Amsterdam. The complex was completed in 2004 and has recently been renovated. The still-to-be developed pavilion of approximately 100 sq m on the square is also part of the asset.
Edgar Hertog, Co-Head of Country at Savills Investment Management in the Netherlands, says: “This shopping centre is located in a prominent and central location in Bos en Lommer - the economic and social heart of Amsterdam West and is the first Dutch acquisition for the European Food Retail Fund. The centre offers a good mix of strong tenants such as Q-Park, Albert Heijn, Vomar and KFC. The stability and long-term income stream make this a very good addition to the Savills IM EFRF.”
The fund is aiming for supermarket portfolios and neighbourhood centres with food retailers as anchor tenants, specialist retail centres geared towards daily needs or mixed-use urban properties with a food retailer as anchor tenant, provided at least 70 per cent of rental income derives from food/grocery and basic services tenants.
Jordy Diepeveen, Head of Acquisition at Savills in the Netherlands, explains: “Against the general trend of falling investment in retail, investors are showing confidence in the food and convenience segments, of which this neighbourhood shopping centre is a good example. The sector was traditionally capturing 5-6% of total European retail investment, but this year this has soared to 23%. Food anchored retail, of institutional quality and especially of this size, is difficult to find and acquire in Amsterdam. We are therefore very pleased that we were able to secure this asset on behalf of our client SIM.”
SIM was advised by Savills (commercial), McDevitt (underwriting), Drees & Sommer (technical), CMS (legal) and KPMG (tax). The seller was assisted in the asset management and sale by Hudson Advisors Netherlands and Propertize in collaboration with BNP Paribas Real Estate, City Real Estate, Loyens & Loeff and CVO Group.