04 November 2021
Bouwinvest Real Estate Investors has reached an agreement with the fast-growing US department store chain TK Maxx for the lease of C&A’s former store at Damrak 79 in Amsterdam. The Dutch mid-range fashion store chain announced on Wednesday that it is vacating the historic premises in the heart of the Dutch capital which it had occupied for several decades.
Collin Boelhouwer, Director Dutch Retail Investments, Bouwinvest: “We are, of course, very sorry to see C&A leave, but are pleased to welcome TK Maxx at this property in Amsterdam. Their move here is a clear signal that prime retail assets will continue to thrive if they offer consumers a great experience. Vibrant destinations such as the Damrak offer a perfect opportunity for new formats such as TK Maxx to showcase their product, and this new tenant cements its standing as one of the Netherlands’ leading high streets.”
TK Maxx offers a wide range of designer products, top brands and new labels, at prices up to 60% cheaper than the recommended retail price. It is part of Massachusetts-based TJX Companies, which operates in nine countries and has more than 4,000 stores worldwide.The designer discounter has 13 stores in the Netherlands, including two in Amsterdam, and more than 600 stores elsewhere in Europe, including the UK, Ireland, Poland, Germany and Austria.
TK Maxx’s new store in Amsterdam belongs to Bouwinvest’s Dutch Retail Fund and is part of the Beurspassage, a major redevelopment of several buildings on the Damrak and the adjacent Nieuwendijk which was completed in 2016. The properties are part of a project launched by the municipality of Amsterdam to regenerate the historic city centre. A total of 27,500 m2 new, high-quality retail premises have been created at this location which now boasts the flagship stores of international retailers such as Zara, JD Sports and Primark.
The redevelopment has been widely acclaimed by the Dutch media and has also received international recognition. It was the only Dutch entry nominated for a MIPIM Award in 2017 in the category Best Urban Regeneration Project.
Collin Boelhouwer: “Our Dutch Retail Fund focuses on the best retail destinations and busiest high streets (Experience) as well as supermarket-anchored neighbourhood shopping centres for daily purchases (Convenience). That an international retailer such as TK Maxx is keen to move into such a large store as C&A’s former premises on the Damrak underlines the commercial quality of this property. Our neighbourhood shopping centres have come through the coronacrisis very well and we are confident that the top high-street locations where our other retail properties are located are also future-proof.”
Bouwinvest’s Dutch Retail Fund was recently awarded as the best-performing specialist real estate fund in the Netherlands for the third year in a row by index provider MSCI. The Fund achieved the highest outperformance of the MSCI index compared with all other institutional real estate funds in the Netherlands.