Real estate investor Altera Vastgoed NV and MN (on behalf of the Pension Fund for Metalworking and Mechanical Engineering (PMT) have sold Stadshart Zoetermeer shopping centre to PingProperties. It is an inner-city comparison centre, including 48 apartments located above it, with a surface area of 22,500 m², where many non-food shops are located. This includes 831 parking spaces with shared ownership (45%) in four parking garages.Capital Vaue advised on the sale in collaboration with Cushman & Wakefield.
Altera and MN sell Stadshart Zoetermeer shopping centre with residential units
Erwin Wessels, CIO of Altera: “By selling Stadshart in Zoetermeer, our convenience portfolio expands to over 87% and we further optimise the risk-return profile. The portfolio provides a stable direct return and is less sensitive to e-commerce and cyclical changes. Looking forward, the portfolio will continue to grow through strategic purchases and sales and targeted asset management.” George van Hooijdonk, Manager Strategic Partnerships RE: “Stadshart Zoetermeer has for many years made a respectable contribution to the return within PMT’s retail portfolio. PMT has been the co-owner of the aforementioned property since the development of Stadshart. The development of a possible residential tower at the site of the former V&D is not MN/PMT’s core business. MN/PMT, too, is increasingly focusing on food & convenience real estate within the retail sector. Furthermore, the portfolio will be supplemented with new-build homes in the coming period.”
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