Savills Investment Management (SIM) has acquired the Bos en Lommerplein shopping center in Amsterdam, the Netherlands from a fund that was assisted in its asset management by Propertize, for a purchase price of €51 million.
The shopping center 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 center 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 EFRF fund. The center 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 European Food Retail Fund.”
The fund is amining at 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% 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 neighborhood shopping center is a good example. The sector was traditionally capturing 5-6% of total European retail investment, but this year 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.