Deutsche Asset & Wealth Management, represented by international real estate advisor Savills and De Brauw Blaackstone Westbroek, has sold The Kalvertoren Mall in Amsterdam to Kroonenberg Groep for approximately €117.5 million.

The inner city shopping centre offers direct access onto Kalverstraat, the busiest pedestrian shopping street in Amsterdam. The covered scheme provides a modern shopping environment, which is highly visible to passing footfall and allows shoppers to move easily between units. The centre benefits from entrances and stores fronting onto Kalverstraat, Heiligeweg and Singel.

Opened in 1997, The Kalvertoren Mall provides 15,000 sq m of quality space, with 22 retail tenants and two restaurant facilities trading over lower ground, ground and first floor levels. Additionally, there is an iconic restaurant unit located on the upper levels with spectacular panoramic views of the Amsterdam sky line.

Kroonenberg Groep purchased The Kalvertoren Mall as part of its ambition to acquire large retail areas in the main shopping locations in the Netherlands and has strengthened its position in the city centre of Amsterdam with this acquisition.

Clive Pritchard, managing director at Savills, comments: “The sale of The Kalvertoren Mall is the largest urban single asset transaction in the Netherlands for more than six years. Footfall data from Locatus shows that the number of visitors at the busiest part in The Kalverstraat has increased to 73,000 in 2014, compared to around 50,000 in 2012. This makes the inner cities even more attractive for new retail developments and refurbishments, of which we are seeing several in all major cities in the Netherlands, especially to  accommodate the flagship stores of international retailers.

“Interest from investors for retail properties in the centre of Amsterdam is strong, but investment opportunities remain limited. Prior to the Kalvertoren transaction just three retail investments were registered in the city centre of Amsterdam since the start of 2013, totalling around €56 million.”

Oliver Fraser-Looen, director of cross border investment, comments: “The sale of The Kalvertoren Mall was a great example of cross border collaboration. The newly created cross border retail investment team worked from conception to completion with the Dutch transaction team to ensure a highly successful transaction.”

Kroonenberg Groep was advised by KroesePaternotte, Van Dijk & Ten Cate, Houthoff Buruma and Boekel de Nerée.