On behalf of the IEF Capital Berlage Fund, IEF Capital (a joint venture of Bouwfonds Investment Management and Inflation Exchange Fund) has sold a portfolio consisting of 38 Hema properties, which are located throughout the Netherlands, to a consortium of investors advised by Crossroads Real Estate LLP, a UK based investment advisor. This Hema portfolio comprises a total surface area of approximately 110.000 sq. m. and consists of Hema buildings in Dutch urban district centres, as well as buildings in the centres of smaller Dutch cities and towns.
After this sale, the IEF Capital Berlage portfolio will consist exclusively of large ‘trophy’ buildings located at prime locations in Dutch A1 shopping streets and the majority of these assets are located in the retail cities Amsterdam, The Hague, Rotterdam and Utrecht. Through this sale, the fund has achieved its objective of owning a unique portfolio consisting solely of prime retail premises in the Netherlands.
The seven former V&D properties in this portfolio are now almost entirely rented out. The premises, primarily those in Amsterdam, Utrecht and The Hague, are being radically and spectacularly redeveloped and will be handed over to national and international retail chains in phases between the start of 2017 and the end of 2018.