CBRE Global Investors, on behalf of the CBRE Dutch Retail Fund has sold five Dutch shopping centres to a consortium of ARC Real Estate Partners and a US based private equity fund.
The assets that have been sold are: De Maasboulevard, Venlo; Shopping centre Corridor & Passage, Veenendaal; Mercurius Centrum, Assen; Shopping centre Stadhuispassage & De Stoep, Spijkenisse; and Shopping centre Elzaspassage, Helmond
The CBRE Dutch Retail Fund set out a clear strategy two years ago to focus its portfolio on the most dominant retail locations in the largest Dutch cities.
The company said that the disposal is an important final step in the repositioning process of the Fund. Over 75% of the Fund’s portfolio is now allocated to prime high street retail and shopping centres in the seven largest cities in the Netherlands, supplemented by dominant convenience hubs. The Amsterdam portfolio constitutes the largest weight in the Fund, with 25% of the total gross asset value of the Fund that is being managed in this market.
The Fund is now actively looking to reinvest capital through active portfolio management and acquisitions in dominant high street locations and selected shopping centres in the Netherlands.
The Dutch Retail Fund is a leading non-listed core real estate fund managed by CBRE Global Investors. CBRE Global Investors’ advisors was Cushman & Wakefield, CVO and Houthoff, while ARC Real Estate Partners was advised by Azul Real Estate, Search and Loyens & Loeff.
RPA Perspective Earlier this year, CBRE Global Investors said that it had completed $29.8 billion in transactions globally in 2017. This total volume represents a 36% increase over 2016.
Acquisitions totalled $15.6 billion during the year in which the firm raised a record $9.9 billion of capital. Dispositions totalled $14.2 billion as the firm selectively took advantage of strong buyer demand to benefit its clients.
“Our investment teams across the globe continue to be very active and have shown great discipline in completing an increased volume of transactions while staying consistent with our cycle-aware investment strategy,” said Ritson Ferguson, Chief Executive Officer and Chief Investment Officer of CBRE Global Investors. “We have had strong momentum raising capital and selectively deploying it in this competitive market. At the same time, we have been active asset managers executing our investment strategies and taking advantage of opportunities to sell stabilized assets.”
The firm continued to be most active in Europe with almost half of the firm’s transactions executed in that region. Total transaction activity in Europe totaled $14.8 billion with investments primarily in the retail sector followed by the logistics sector.
In the United States, transactions totalled $12.3 billion. Investments were primarily in the office and multifamily sectors, with increasing activity in the logistics sector. Emphasis was on ‘highly amenity, transit-oriented’ locations in markets with strong employment growth and a technology focus.
Transaction volume in Asia totalled $2.7 billion in 2017, with activity in five countries across the region across all of the major property types.
With $6.3 billion to invest at the start of 2018, CBRE Global Investors anticipates continued transaction momentum this year as it provides real asset investment solutions for its clients.
