AMSTERDAM, 1 December 2014 – CBRE Global Investors announces the completion of the sale of 14 retail assets in the Netherlands on behalf of the CBRE Dutch Retail Funds to Blackstone Real Estate Partners Europe IV (“Blackstone”). The assets will be added to Blackstone’s European retail platform, Multi Corporation. Multi is one of Europe’s leading owners, (re)developers and managers of prime shopping centres.
The portfolio consists of a total of 107,500 square metres and is located in city centres and residential areas across the Netherlands in Nootdorp, Utrecht and Leusden and other cities, while anchor retailers include Ahold, Blokker and H&M.
Jaap Demoed, fund manager of the CBRE Dutch Retail Funds, said: “This is a significant disposal for the fund and is in line with our strategy to dispose of properties that do not fit the fund’s investment criteria in the long term. We continuously work towards strengthening the portfolio with active asset management. This sale meets the strategic objectives, allocation targets and long term goals of the Fund”.
Jaap Blokhuis, Chief Executive Officer of Multi, said: “These assets are attractive, predominantly grocery-anchored, shopping centres. We will use our expertise and experience as a leading pan-European operator to invest in these centres and make them more attractive to both retailers and local consumers.”
CBRE Global Investors was advised by Cushman & Wakefield and Houthoff Buruma.
Blackstone was advised by Loyens & Loeff, CVO, PWC, and CBRE with ING providing financing.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of September 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Multi is a leading owner, manager and (re)developer of high quality shopping centres across Europe and Turkey. As a well-capitalised, growth-oriented, pan-European retail platform, Multi is focused on creating, managing and improving sustainable rental income. Multi’s projects are often the catalyst for economic growth and social regeneration of cities and regions. Since its foundation in 1982, Multi has been responsible for more than 180 projects and owns and/or manages nearly 70 shopping centres.
Multi is active in 12 countries, including the Netherlands where the company is headquartered. Other countries where Multi is active include Belgium, Czech Republic, Germany, Italy, Poland, Portugal, Slovakia, Spain, Ukraine, the United Kingdom and Turkey.