Real estate investor Altera Vastgoed NV (hereinafter: Altera) and MN (on behalf of the Pension Fund for Metalworking and Mechanical Engineering (PMT) have sold Stadshart Zoetermeer shopping centre to PingProperties.
It is an inner-city comparison centre, including 48 apartments located above it, with a surface area of 22,500 m², where many non-food shops are located. This includes 831 parking spaces with shared ownership (45%) in four parking garages.
Erwin Wessels, CIO of Altera: “By selling Stadshart in Zoetermeer, our convenience portfolio expands to over 87% and we further optimise the risk-return profile. The portfolio provides a stable direct return and is less sensitive to e-commerce and cyclical changes. Looking forward, the portfolio will continue to grow through strategic purchases and sales and targeted asset management.”
George van Hooijdonk, Manager Strategic Partnerships RE: “Stadshart Zoetermeer has for many years made a respectable contribution to the return within PMT’s retail portfolio. PMT has been the co-owner of the aforementioned property since the development of Stadshart. The development of a possible residential tower at the site of the former V&D is not MN/PMT’s core business. MN/PMT, too, is increasingly focusing on food & convenience real estate within the retail sector. Furthermore, the portfolio will be supplemented with new-build homes in the coming period.”
Altera and MN were advised on the sale by Cushman & Wakefield, Capital Value, Dentons and BarentsKrans. PingProperties was advised on the purchase by CBRE, City Real Estate, Resi and Loyens & Loeff.