Retail

Altera acquires two convenience shopping centres

Dutch real estate investor Altera has purchased convenience shopping centres Westwijk in Amstelveen and Zijdelwaard in Uithoorn from Tristan Capital/Sectie5. Both centres were completely renovated in 2016, and enlarged in line with their growing catchment areas. Westwijk has a total floor area of ​​over 8,000 m², with 34 retail units, Zijdelwaard has an area of over 13,000 m² and 51 units. Both have good parking facilities. The centres host a mix of national and local retailers, including supermarkets, fresh produce specialists and personal care retailers, plus hospitality outlets, healthcare providers and other services.

This latest acquisition follows Altera’s purchase earlier this year of two convenience centres, in De Meern and Leusden, and two standalone supermarkets, in Zeist and Hilversum. Westwijk and Zijdelwaard now join its sustainable, fully BREEAM-certified retail portfolio.

Jaap van der Bijl, CEO of Altera, “There are significantly fewer vacancies in neighbourhood convenience centres than in other retail segments, and we expect this situation to continue in the long term. Their mix and variety of retailers, local as well as national, contributes to the social cohesion and appeal of this kind of centre. Our food and convenience retail portfolio particularly suits institutional investors, as it is sustainable, delivers relatively high direct returns and is less sensitive to e-commerce and economic fluctuations. Our strategy in this segment is therefore focussed upon stabile growth of the portfolio.”

Zijdelwaard convenience centre, Uithoorn

Westwijk

Westwijk convenience centre was renovated and expanded in 2016. It serves the Westwijk Noord and Westwijk Zuid catchment areas, the newest development zone in Amstelveen with approximately 15,500 residents. This catchment area will continue to grow in the next years, thanks to the expansion area of De Scheg and the planned residential development of what is currently Legmeer industrial estate. These fall within Westwijk’s primary catchment area and will not have additional shopping facilities of their own.

Zijdelwaard

Zijdelwaard convenience centre was also renovated and expanded in 2016, and serves the catchment area of the same name. Including the Legmeer West development zone, this catchment area has more than 14,500 residents. Given its location, size and good facilities, the centre has a strong position within Uithoorn and its immediate environs.

 

Altera received commercial guidance in this transaction from KroesePaternotte, and legal support from Dentons. Management of the two centres will be entrusted to Colliers International. Vendor Tristan Capital/Sectie5 was advised by Cushman & Wakefield, Brickstone Retail and Houthoff.

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