Deka Immobilien has bought a refurbished historic office and retail property in the heart of Rotterdam for €64 million.
The building will be included in the real estate assets of the WestInvest InterSelect open-ended real estate fund. The seller is the Dutch developer and real estate manager Multi Corporation.
The purchase is part of the inner-city project "Forum", which comprises approx. 30,000 sq m of retail and restaurant space as well as 103 apartments including a refurbished building. Deka Immobilien has acquired an ensemble with a rentable area of almost 12,200 sq m within this complex.
Around 5,500 sq m are accounted for by office space and around 6,700 sq m by commercial and catering space. The property is leased to five users in the long term, with ABN Amro and the bookstore Donner being the main users. The forum is located on the main traffic axis Coolsingel and the main pedestrian zones Lijnbaan and Beurstraverse.
With this transaction, WestInvest InterSelect's fund management has acquired a first-class property that will benefit from the further appreciation of the city centre in the future. Thus, the Coolsingel is currently being redesigned with a reduction in lanes from four to two to a large boulevard.
DekaBank is the securities house of the savings banks and, together with its subsidiaries, forms the Deka Group. With total assets of around €298bn (as at 30.06.2019) and around 4.7 million managed accounts, it is one of the largest investment service providers and real estate asset managers in Germany. It gives
RPA Perspective Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has acquired a c. 4,300 sqm GLA mixed-use asset in a prime location of Florence’s city centre in an off-market deal from a private investor. The asset comprises residential as well as retail space, with upside asset management potential.
The property is located in the historical centre at the northern end of Via de Tornabuoni overlooking Piazza degli Antinori and adjacent to the Palazzo Antinori. The majority – roughly 75% - of the ground floor retail is occupied by Hermès. The remaining retail space is currently vacant.
Edoardo Crotta, Director at Tristan Capital Partners, said: “This asset is located in the heart of the luxury retail precinct of Florence with high-end fashion stores. We see ample opportunities for active asset management in the retail space and plan to modernise the residential units through refurbishment. Due to its flexible layout the property provides further business plan optionality for the upper floors.”
Progenia, a real estate consulting firm and established asset manager for the Florence market founded by its CEO Giovanni Belloni, will act as operating partner for CCP 5 LL.
Giovanni Belloni, CEO at Progenia, said: “This property is located in one of the most prestigious areas in the city centre of Florence. In addition to the presence of luxury retailers, the area is characterised by many palaces which also attract a high footfall from both tourists and locals. This is a very attractive location for a mixed-use property of this type. Our aim is to create one of the most attractive luxury assets of Florence’s city centre.”
