03 Oct 2019
The Bouwinvest Retail Fund has agreed new leases, or extended existing contracts, for 2,100 sqm of retail space in its refurbished Muntpassage shopping centre in Weert, in the southeast of the Netherlands. The lease contracts include a range of new and current tenants, such as Norah Mode, Nelson, WE, Van Haren, Tui, Cigo and Megaphone, and account for roughly 15% of the total portfolio, which comprises 15,800 sqm divided over 50 stores.
A significant number of the stores are leased to fashion retailers, the largest of which is the 2,300 sqm H&M store which opened last month. In addition, the Muntpassage includes an Albert Heijn supermarket and a fresh food market. The town of Weert is located in the province of Limburg on the Einhoven to Maastricht railway line.
Collin Boelhouwer, Director Dutch Retail Investments at Bouwinvest, said: “After attracting a number of new retailers to the Muntpassage, virtually all the retail space is now leased and only a few units are still available.”
The refurbishment was carried out by Top Vastgoed and FiMek Estate, while advisors Zimmerman and JPS are responsible for leasing. The festive reopening of the renovated shopping mall is scheduled for October 11.
Top Vastgoed and Fimek realised the refurbishment based on a design developed by architects De Drie Architecten incorporating transparancy, a new store layout and a modern look for international retailers. The biggest change was realised on the Nieuwe Markt side where a complete floor of the existing building was removed to create a high-roofed spacious square with a transparent entrance for the refurbished shopping centre.
Bouwinvest’s Retail Fund is an investment vehicle that is open to instititutional investors. The fund focuses on the best shopping streets and neighbourhood centres for convenience shopping in the Netherlands. At end-2018, the fund generated a total return of 7.0% with an invested capital totalling €1 billion. Bouwinvest Retail Fund is one of the most sustainable retail funds in the Netherlands with a 4-star GRESB rating.