PMT, the Dutch pension fund for metalworkers, and Altera Vastgoed have sold the Stadshart Zoetermeer shopping center to Dutch property manager PingProperties.
PingProperties said it acquired the asset in downtown Zoetermeer on behalf of its Daily Convenience Center IV portfolio from Altera and PMT investment manager MN.
Financial details were not disclosed.
The Stadshart Zoetermeer shopping center comprises 27,500 square feet of retail space, 831 parking spaces and 48 apartments. The asset also offers the possibility of developing a residential tower.
Luc Baas, fund manager at PingProperties, said the acquisition further expands the company’s convenience store portfolio.
“PingProperties believes in the power of neighborhood malls, where active management and personal attention to retailers can add value. “The opportunities offered by the shopping centre, in combination with the strong catchment area of Zoetermeer, make repositioning as a bustling neighborhood center an exciting challenge for our team,” said Baas.
Erwin Wessels, CIO of Altera, said: “By selling Stadshart to Zoetermeer, our commodities portfolio expands by more than 87% and we further optimize the risk-return profile. The portfolio offers a stable direct return and is less sensitive to e-commerce and cyclical changes. »
George van Hooijdonk, Director of Strategic Partnerships at MN, said: “Stadshart Zoetermeer has for many years made a respectable contribution to the performance of PMT’s retail portfolio. PMT has co-owned the aforementioned property since the development of Stadshart.
“The development of a possible residential tower on the site of the former V&D is not the core business of MN/PMT. MN/PMT, too, is increasingly focusing on food and convenience real estate in the retail sector. In addition, the portfolio will be supplemented by new constructions in the coming period. »
To read the latest edition of the latest IPE Real Assets magazine, click here.