European retail property company Vastned, has sold Rokin Plaza, in Amsterdam, the Netherlands, to an unnamed private investment company for €100 million.
Rokin Plaza, at Kalverstraat 11-17/Rokin 12-16 is let to fashion brands UNIQLO and Pull & Bear. The office space on the top floors is let to Effectory. Vastned was advised by CBRE.
In 2023, Vastned conducted a strategic reorientation, which suggested selling specific parts of the portfolio at the right price would unlock the most value.
The property is currently fully let and Vastned considers that a divestment against the agreed price unlocks value for the company. The proceeds of the sale will enable Vastned to reduce external borrowing; improve financial ratios and create flexibility.
Sale of Rokin Plaza ‘truly unique’
Reinier Walta, CEO of Vastned, says, “Vastned has been an active party in the investment market for decades to shape the portfolio of the company in the best interest for the company and its stakeholders. Last year Vastned concluded that selling specific parts against the right price would allow the company to unlock value. This sale marks an important milestone for Vastned in this year of transition. We believe that the sale of this prime asset against the agreed price demonstrates the value of our portfolio and unlocks the desired value. We are content to sell this asset to a reputable party. Vastned continues to work on more transactions for the coming period.”
Lodewijk Buijs, Head of Retail CBRE, says, “The sale of Rokin Plaza is truly unique. Only a handful of retail properties in Amsterdam match the ticket size and qualities of this landmark building. In the current economic climate we observe a further shift by investors towards prime properties. The trend is underlined and partly driven by retailers or retail-related capital investing into real estate. For some it is strategically driven to become an owner-occupier or to secure a lease position. For others, it is purely an investment consideration.”
