May 16, 2024

Achmea Real Estate buys neighborhood shopping center De Korf

Achmea Real Estate has purchased neighborhood shopping center De Korf in Krimpen aan den IJssel from Van der Vorm Vastgoed on behalf of the Achmea Dutch Retail Property Fund (ADRPF). The 9,000 m2 center has 34 tenants and is fully leased. The district shopping center focuses on daily shopping with tenants such as Jumbo, Lidl, Action, Kruidvat and Zeeman.

The acquisition follows two new mandates totaling 117 million euros, which the ADRPF received last year from a Dutch institutional investor. "With the fund, we focus on the nine strongest inner cities in the Netherlands and dominant neighborhood shopping centers, says fund manager Peter Koppers: "With the acquisition of De Korf , we are further completing this strategy."

The sale of Shopping Center De Korf fits into the strategy of private real estate company Van der Vorm Vastgoed, which is currently actively strengthening its portfolio through rotation, internationalization and diversification. Dennis Hoek portfolio manager Retail at Van der Vorm Vastgoed: "Since 2018, we were the owner of the shopping center. We carried out a large-scale revitalization. With this we realized a future-proof shopping center with full occupancy. Since then, consumers know how to find the shopping center even better." Rene M. Voortmeijer commercial director, adds: ''We are proud of the result we have achieved and with this sale we are creating new opportunities to create additional value by developing other sought-after properties.''

The district shopping center in Krimpen aan den IJssel has an energy label A. As such, the acquisition contributes to the ADRPF's goal of making the portfolio more sustainable. Excluding De Korf , 90.4 percent of the portfolio (measured in number of square meters) has an A label.

The ADRPF has a size of nearly one billion euros spread over 90 properties. In 2023, the fund realized an outperformance of 1.2 percentage points over MSCI retail (1.0 percent). Peter Koppers: "The return is driven by a strong performance of the properties that have high occupancy rates."

The McDevitt Company and Core Notariaat acted as advisors to Achmea Real Estate on the acquisition of De Korf. Houthoff acted as legal advisor to Van der Vorm Vastgoed.