and Inditex thereby again renting out four of its seven former V&D department stores.

With the rental of 4 of its 7 top locations, which previously housed V&D, IEF Capital realises an increase in its return and real estate value. The demand for quality and the willingness of entrepreneurs to make quick decisions and pay good rental prices, combined with a speedily executed action plan, lie at the heart of the IEF Capital Berlage Fund being able to rent out the unique premises once more, only months after the bankruptcy of V&D.

IEF Capital is a joint venture between Bouwfonds Investment Management and IEF (Inflation Exchange Fund). For more than 10 years now, IEFC Berlage has been the owner of the former V&D department stores in the cities of Amsterdam, Arnhem, The Hague, Groningen, Nijmegen, Maastricht and Utrecht. The premises are all situated at top locations but were quite outdated, both inside and out. In the period that V&D used the premises it turned out to be almost impossible to carry out any major changes. However, as IEF Capital had managed to develop good scenarios for all these premises regarding how to renovate and optimally rearrange them, it was able to act exceptionally quickly when V&D definitely went bankrupt in February 2016.

The Fund has decided to rent out the premises in Arnhem and Groningen first of all, as these required the least amount of renovation work. The premises in Arnhem was rented out again as early as April – on the same day the liquidator delivered it to the lessor – and opened to the public by Jumbo (in part on the ground floor), Topshelf megastore for Sport, Fashion & Outdoor and La Place (the restaurant on the 3rd floor) and municipality of Arnhem (bicycle parking in the basement and rooftop car park). The main premises in Groningen has been rented out to the same combination of tenants (except for the municipality), but it will not be used until the end of 2016 as IEF Capital first wants to renovate a number of the floors and remove all the asbestos.

The other five premises are undergoing radical renovation work and a rearrangement of the spaces. The investments are very high (totalling tens of millions of euros), but they will increase not just the return and value of these unique premises at top locations. The look and sustainability of the premises will also greatly improve as a result, and it is here where the extra investments are being made. All investments are being financed by IEF Capital Berlage’s own funds and fit in perfectly with the Fund’s profile of making value-increasing investments in first-class locations aimed at guaranteeing long-term return.
The complex in The Hague is exceptionally large and used to house many spaces that were not being utilised, including the former head office of V&D. The renovation of this complex is very extensive and has already started.

The premises will undergo a complete metamorphosis, mainly on the side of the Grote Marktstraat. In addition, new shops will be developed where the V&D department store used to have its stocks delivered, bordering the remaining part of the complex. The complex, which stays in hands of IEFC Berlage, is situated in the centre of the A1 shopping area in The Hague, with entrances on both the side of the Grote Marktstraat and the Spuistraat. The complex is currently being fully renovated and revamped by IEF Capital. In the new situation it will accommodate 5 wonderful, new shop formulas on various levels (also with an underground entrance directly accessible from the metro station). These are Decathlon, Stradivarius (Inditex brand), Jumbo/La Place and, as the crowning touch, in the course of 2017 Hudson’s Bay Company will open up a completely renovated department store, spread over 5 floors and with a second entrance on Spuistraat; this glass façade, too, will be renewed. As is the case with the bordering shop, which is also owned by IEF Capital Berlage, Perry Sport (also taken over by JD) has also signed a rental agreement.

During the V&D era the premises in Nijmegen was much too large for one single party. IEF Capital had previously already expressed its wish to reduce the department store to some 10,000 m2 and to rearrange the other areas all over again. This plan is currently being executed. The Fund will renovate the entire plinth along Broerstraat, thereby creating three new shops over several layers. One shop is being rented to La Place /Jumbo; talks with various interested parties regarding the last units situated in Broerstraat are in the final phase.

The status of the special premises on Grote Staat in Maastricht is as follows: half the premises have been rented out to De Bijenkorf and there are various parties interested in the other half. Talks regarding the entire process are now in their final phase.
After a thorough redevelopment it is expected that the remaining two former V&D branches in Amsterdam and Utrecht will become spectacular inner city landmarks. It is, however, already certain that in addition to the return and growth in value, which the IEF Capital Berlage Fund will realise due to its investments and active management, the development of these unique top locations will contribute to making the inner cities of Amsterdam, The Hague, Utrecht, Arnhem, Nijmegen, Maastricht and Groningen more attractive.