16 Jan 2019
Bouwinvest has acquired 13 supermarkets from the Dutch retail chain Jumbo Supermarkten across the Netherlands, in the provinces of Overijssel, Noord-Brabant, Zeeland and Zuid-Holland.
The Bouwinvest Retail Fund targets popular shopping streets in the biggest Dutch retail cities (Experience), but also smaller and local convenience stores (Convenience). The newly acquired supermarkets vary from bigger stores in larger city centres, to convenience retail for day-to-day grocery needs -- serving locals and tourists in the coastal province of Zeeland, for example.
Collin Boelhouwer, Director Dutch Retail Investments at Bouwinvest, said: “This acquisition fits perfectly with Bouwinvest’s Convenience retail investment strategy and also strengthens our relationship with Jumbo, which is a leader in the Dutch fresh products and food service industry.”
The Bouwinvest Dutch Retail Fund has the objective that 95% of the buildings in its portfolio have an energy label A, or better. Eleven of the newly acquired supermarkets meet these criteria and the sustainability profiles of the other two assets will be upgraded.
As a long-term investor, Bouwinvest aims to secure the stability of the values of the assets within its portfolio by investing in sustainable ‘future-proof’ buildings that can stand the test of time. These latest acquisitions will boost Bouwinvest’s growth strategy of targeting €1.1 billion in Dutch retail assets under management by 2021.
Jumbo was advised by retail investment broker McDevitt. Bouwinvest received legal advice from Loyens & Loeff.