Rodamco Europe sells Batavia Stad
Rodamco Europe N.V., the largest publicly listed property investment and management Company in the retail sector in Europe, announces the divestment of Batavia Stad, the ‘Outlet Shopping Center' in Lelystad in the Netherlands, to Bakkenist & Emmens for an amount of approximately €38 million. This is slightly below latest book value. The divestment took place at a net initial yield of 5.6%. The sale of Batavia Stad includes 68 retail units with a GLA of approximately 14,700 m2 and adjacent parking space. The transaction is effective per 20 December 2006. The sale is in line with Rodamco Europe's policy of divesting non-core investments and increases Rodamco Europe's focus on high quality retail, primarily dominant shopping centers in key European cities. Batavia Stad outlet center is a specific form of retail which needs a unique management approach and tenants network.
COMPANY PROFILE RODAMCO EUROPE N.V. Rodamco Europe with headquarters in Rotterdam, the Netherlands, is both investor and manager of its dominant shopping centers in its home regions The Netherlands & Belgium, the Nordic countries, France, Spain and Central Europe. Top quality shops and shopping centers form 94% of Rodamco Europe's €10.0 billion property assets. This makes Rodamco Europe the largest listed property investment and management company in the retail sector in Europe.
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