This latest acquisition, Woonboulevard Arnhem, is an income-producing retail park with value-add potential and was acquired in a joint venture partnership with Glow Real Estate. The retail park has a gross leasable area (GLA) of 23,200m² spread over 15 units on multiple floors across four buildings. Current tenants include BCC, Praxis, Leen Bakker, DMG Group and Jumbo Golf.
The site is conveniently located on a strategic urban infill location in the southern part of Arnhem, on a direct motorway exit and adjacent to the beltway, and is surrounded by other commercial buildings, offices, community centres as well as a densely populated residential neighbourhood. The retail park has parking for 430 cars and has several bus stops in the direct vicinity.
After an initial pre-assessment, Mitiska REIM plans to work towards achieving a “Very Good” score on the BREEAM scale as one of the value-add initiatives identified for this investment, and in line with its wider BREEAM certification programme across the retail park portfolio.
Commenting on the acquisition, Bram Thomas, Mitiska REIM’s Investment Director for Belgium, France and the Netherlands, said: “This latest acquisition is a fully occupied retail park with a balanced tenant mix and a stable long-term cash flow. Through our value-add investment approach, we see additional opportunities to increase the visibility of the site, optimise the retail mix and reposition Woonboulevard Arnhem as a go-to retail destination in its neighbourhood and wider catchment area.”
Axel Despriet, Managing Partner of Mitiska REIM, adds: “Located in the heart of a residential and commercial neighbourhood, this retail park is a good example of a convenience real estate opportunity. The core proposition of retail parks, based on convenience, essential shopping and value for money, continues to position the sector strongly for the future and as a preferred retail format for both retailers, shoppers and investors alike.”
The acquisition of Woonboulevard Arnhem was sourced in collaboration with Creating Retail Parks. Legal due diligence was led by Stibbe (NL) and QGM Law, with technical due diligence performed by Som=.
