Tristan Fund Sells Dutch Shopping Centre to KGAL
Source: Tristan Capital Partners Press Release
4 September 2018, London: EPISO 4, an opportunity fund advised by pan-European real estate investment manager, Tristan Capital Partners, and Timeless Investments have sold shopping centre Raaks in Haarlem, the Netherlands, to KANSA Grundstücksgesellschaft mbH & Co. KG (Buyer), a fund managed by KGAL Investment Management GmbH & Co. KG.
The shopping centre, originally acquired as part of a wider portfolio from Generali in 2015, has a total area of approximately 12,100 sqm and is situated on top of Haarlem’s largest parking facility. It is fully let to 17 retailers, offers a strong tenant mix of national retail chains and local retailers and has a Weighted Average Lease Term (WALT) of just below eight years. Anchor tenants are Albert Heijn, Bever, Pathé and Intersport.
Jean-Philippe Blangy, Head of Asset Management at Tristan Capital Partners, said: “Tenant demand and customer footfall remains strong for well-located shopping centres like Raaks, and Haarlem has performed well over the past few years in terms of increased economic growth and spending power, a trend we continue to see across the Netherlands.”
Tim van Veggel, Managing Partner at Timeless Investments, said: "This acquisition by a German fund clearly proves that this asset has been established as a high quality retail shopping centre over the past few years which is a positive sign for the future and its new owner."
Brickstone Retail, Savills and Houthoff advised the seller during the transaction. The buyer was advised by Loyens & Loeff.