SCHIPHOL, The Netherlands, Jan. 15, 2014 (GLOBE NEWSWIRE) -- Wereldhave has reached agreement with Unibail-Rodamco on the acquisition of shopping centre Vier Meren in Hoofddorp, The Netherlands. The total purchase price amounts to [Eur] 147.5m, including transaction costs, reflecting a net initial yield of 5.8%.
Vier Meren is a regionally dominant shopping centre in the city centre of Hoofddorp, approximately 20 km south-west of Amsterdam. The shopping centre was first opened in 2005 and forms part of a larger 74,000m2 inner city retail offer, serving a growing catchment area of 144,000 people - with an above-average income profile - within a ten minutes' drive. Visitor numbers are rising and currently stand at around 6 million annually. The shopping centre is fully occupied. Vier Meren provides 27,000 m2 n.l.a. retail, 3,700 m2 of office space and a 71% stake in an underground parking garage of 1,037 spaces. The centre contains over 60 shops, including a.o. C&A, Saturn, WE, Esprit, Mango, Blokker, Miss Etam, Douglas, ICI Paris XL, and an Albert Heijn XL hypermarket. The offices are fully let to the Municipality.
The transaction also includes a V&D department store of 5,900 m(2) with an adjoining building, providing future development potential for 2,500 m(2) retail expansion.
The Vier Meren shopping centre has a proven track record and offers a stable cash flow. It fully matches Wereldhave's strategic investment criteria (90% of shopping needs, top of mind in its catchment area, a catchment area of at least 100,000 inhabitants within 10 minutes drive time, easy accessibility, strong national and international brands with local heroes, fully embedded food and beverage and entertainment functions) and therefore fits well into its strategy of investing in high quality, medium-sized shopping centres in north-west Europe. The acquisition adds to Wereldhave's position in the Dutch retail market.
The transaction is scheduled for completion at the end of January 2014 and will generate a net initial yield of 5.8%. The impact on the LTV will be limited to approximately 1%, since the acquisition will be funded largely with proceeds from the disposal of the Joinville office building in Paris, also scheduled to be completed at the end of January 2014.