24 January 2020
The Bouwinvest Dutch Retail Fund has agreed new leases, or extended existing contracts, totalling 1,500 sqm for its refurbished and recently reopened Muntpassage shopping arcade in Weert, in the southeast of the Netherlands. The new lease contracts with retailers Bristol, Shoeby and MC Company account for just under 10% of the total portfolio, which comprises 15,800 sqm divided over 50 stores. Late last year, Bouwinvest agreed a new lease for 2,300 sqm with Swedish chain H&M, which is the largest fashion store in the new shopping centre.
Of the three newly negotiated spaces, Bristol accounts for the biggest – or 973 sqm – while Shoeby has a new lease for 345 sqm and MC Company for 212 sqm. The Shoeby and MC Company stores are scheduled to open in the first quarter of 2020, while Bristol will launch its new branch later in the spring. JPS Retail Services and Zimmerman Retail jointly advised on the transactions on behalf of the Bouwinvest Dutch Retail Fund.
A large number of the units in the Muntpassage are leased to fashion formulas such as WE, Miss Etam and C&A. In addition, the shopping arcade contains an Albert Heijn supermarket and a comprehensive range of fresh food. The shopping arcade is now almost fully leased with only a few units still available. The Muntpassage has held a prominent position within the core shopping area of Weert for several decades. The town is located in the province of Limburg on the Eindhoven to Maastricht railway line.
Collin Boelhouwer, Director Dutch Retail Investments at Bouwinvest said: “Bouwinvest’s strategy is to revitalise our shopping centres to the highest modern standards to ensure that our properties remain attractive for tenants and continue to generate a stable return for Dutch pension fund clients.” The Bouwinvest Dutch Retail Fund is open to institutional investors and focuses on the best shopping streets and centres in the Netherlands. The Fund aims to expand its invested capital to €1.1 billion by 2022 wth a total investment return of 5.1%-5.7%. Bouwinvest’s Dutch Retail Fund is one of the most sustainable retail funds in the Netherlands with a 4-star GRESB rating.