Prime Amsterdam retail sale raises €100m for Vastned

Listed European retail property specialist Vastned has sold Amsterdam’s Rokin Plaza to a private investment company for €100 million.

The multi-tenanted complex on Kalverstraat, a prime location in the centre of Amsterdam, is let to fashion brands Uniqlo and Pull & Bear with office levels let to Effectory.

The sale follows a “strategic reorientation” process that the company underwent last year which determined that the sales of specific parts of the portfolio at the right price would unlock the most value for Vastned and its stakeholders.

Prior to the sale of Rokin Plaza € 8.2 million had been divested. Vastned stated that the proceeds of the sale will enable external borrowing to be reduced, improving financial ratios and giving the company flexibility to shape its future portfolio. 

“Vastned has been an active party in the investment market for decades to shape the portfolio of the company in the best interest for the company and its stakeholders,” said CEO Reinier Walta. “Last year Vastned concluded that selling specific parts against the right price would allow the company to unlock value. This sale marks an important milestone for Vastned in this year of transition.”

He added that Vastned is working on more transactions.

Vastned was advised by CBRE whose head of retail, Lodewijk Buijs, said: “Only a handful of retail properties in Amsterdam match the ticket size and qualities of this landmark building. In the current economic climate we observe a further shift by investors towards prime properties. The trend is underlined and partly driven by retailers or retail-related capital investing into real estate. For some it is strategically driven to become an owner-occupier or to secure a lease position. For others, it is purely an investment consideration.”

Vastned’s property portfolio was worth approximately € 1,373 million at 31 December 2023.