AEW announces that it has acquired 54 Lijnbaan, a prime retail asset in Rotterdam, on behalf of the Europe City Retail Fund (the “Fund”). The property is the Fund’s first acquisition in the Netherlands.
The corner unit comprises 1,975 sqm of retail space spread over three floors with two large frontages and is let to the fashion retailer, Pull and Bear. The asset is positioned on the prime pedestrian pitch of Lijnbaan which is home to a mix of mass market and premium brands including Calvin Klein, Tommy Hilfiger, Levi’s and Mango.
Situated within walking distance of the main train station, Lijnbaan is one of two pedestrianised prime retail districts in the city centre and is adjacent to Rotterdam’s main entertainment square, Schouwburgplein. The area is undergoing substantial regeneration with further investment underway which will strengthen its place as the city’s main retail destination.
Frédérique Weber, Country Manager for The Netherlands at AEW, commented: “This is an excellent opportunity to acquire a prime retail asset in a strong location, which is generating sustainable income underpinned by a strong covenant. The acquisition is strongly aligned to the Fund’s strategy and demonstrates our ability to leverage our local expertise to source attractive investment opportunities.”
Christina Ofschonka, Fund Manager for Europe City Retail at AEW, added: “After recently completing the Fund’s first acquisition in the UK, I am pleased that this has been closely followed by the Fund’s entry into the Dutch market. This acquisition adds another high quality asset to the Fund’s portfolio as we continue to deploy capital into a strong pipeline of selected opportunities across Europe’s largest metropolitan areas.”
Europe City Retail Fund focuses on acquiring high quality, income producing retail assets in prime locations across Europe’s capital and tier one cities. The latest acquisition brings the Fund’s portfolio to 22 assets across ten cities, including Copenhagen, Dublin, Glasgow, Madrid, Milan and Paris, with a total value of over €630 million.
Source : AEW