Wereldhave buys Vier Meren in Hoofddorp for €147.5 million
17 January 2014

 
Wereldhave has purchased the Vier Meren shopping mall in Hoofddorp from Unibail-Rodamco for €147.5 million. The total purchase sum includes transaction costs and generated a net initial yield of 5.8 percent.
 
Vier Meren consists of 27,000 m2 of retail space, 3,700 m2 of office space and a 71 percent interest in an underground parking garage for 1,037 cars. The transaction also includes a V&D department store of 5,900 m2 with an adjacent building that makes it possible to expand with a further 2,500 m2 of retail space. The fully rented shopping mall houses more than sixty stores, including C&A, Saturn, WE, Esprit, Mango, Blokker, Miss Etam, Douglas, ICI Paris XL, and an Albert Heijn XL supermarket. All of the office space has been rented to the municipality of Haarlemmermeer. The number of visitors continues to increase and is now about six million annually. Vier Meren is a regionally dominant shopping mall in the center of Hoofddorp. It was built in 2005 as part of a larger inner city shopping area of 74,000 m2, servicing a growing area of 144,000 inhabitants.
 
The Vier Meren shopping mall has a proven track record and offers a stable cash flow. The mall meets all of the strategic criteria set by Wereldhave when buying shopping malls, so it fits in well with the Wereldhave strategy of investing in good-quality, medium-sized shopping malls in Northwest Europe. The purchase also strengthens Wereldhave’s position in the Dutch retail space sector.
 
The transaction will probably be completed by the end of January. The impact on loan-to-value is expected to remain limited to 1 percent, because, to a large extent, the purchase is being financed by the sale of a new office building in Joinville in Paris, a transaction that will also be completed at the end of January.
 
In this transaction Cushman & Wakefield negotiated for the seller, Unibail-Rodamco, while Houthoff Buruma was responsible for the legal settlement. DTZ Zadelhoff supervised the transaction for Wereldhave. Lexence was Werelhave’s legal advisor.
 
 

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