CB Richard Ellis advised Henderson and its European Retail Property Fund, in the acquisition of five European retail parks owned by PREF, the closed-end European out-of-town retail property fund part owned by British Land.
Henderson Fund is a closed-ended Luxembourg Fonds Commun de Placement (FCP) for institutional investors launched in December 2005 by Henderson Global Investors. The Fund specializes in retail warehouses, shopping centres and city centre retail investments, with an investment focus on Eurozone countries.
The retail parks, located in Italy, Belgium and Switzerland, are being acquired for a consideration of €154 million, reflecting a combined net yield of 5.2%.
The retail parks total 70.527 m², 38.213 m² of which are in Belgium.
Commenting on the transaction, Maxime Xantippe, Managing Partner of CB Richard Ellis said “This transaction is in line with the increased interest of international investors for retail opportunities. In 2007, 950 mio EUR were invested in retail assets in Belgium. We certainly expect this trend to continue for 2008 and for CB Richard Ellis to play a significant role in these transactions.” The Parc de l’Hydrion is a purpose built, newly developed retail park comprising a total of 31,000 sq m gross lettable area divided into 36 retail units. There are approximately 900 car parking spaces providing a ratio of 1:37 m². The scheme opened for trade in August 2004 and has been well received by the public.
This park is located on the outskirts of Arlon in the province of Luxembourg. Arlon is the most southern city of Belgium, situated close to the Grand-Duchy of Luxembourg. Tenants such as Blokker, Casa, Hema, Maxi Toys, Club GB and many others are settled in this retail park. The second one is Hedera Retail Park in Roeselare and represents 7.174 m². It is an excellent out-of-town retail location along one of the main arterial roads into Roeselare, a small town at approximate 30 km south of Brugge.
The property comprises a self contained retail warehouse complex of 3 individual one storey units. The building was refurbished in 2001. The 3 units are let to Decathlon, New Vanden Borre and Seats & Sofas.
Belgium