Vastned expands High Street Shops cluster in Utrecht city centre
Vastned, the listed European retail property fund focusing on venues for premium shopping, has acquired the high street shops Oudegracht 124, 157, 159, Steenweg 31-33 and Bakkerstraat 16 in the historic city centre of Utrecht.
With these acquisitions, Vastned expands its portfolio in Utrecht’s old city centre to 19 high street shops, leased to retailers like Pull & Bear, H&M, Sissy Boy, Mango and the well-known women’s accessories brand I am.
Oudegracht 124 is located next to our high street shop at Oudegracht 126, a double retail property leased to Sissy Boy.
Oudegracht 157 and 159
The shops at Oudegracht 157 and 159 are leased to chemists’ chain Kruidvat and Dutch jeans fashion retailer Chasin. These properties are located in between Vastned’s high street shop at Oudegracht 161, which was recently leased to Pull & Bear, and 155, leased to Mango.
The retail surface areas are 220 sqm and 189 sqm respectively. The high street shops are currently leased below market value, so that there is room for further value creation in the future.
Steenweg 31-33 is leased at market terms to popular fashion chain H&M and has a surface area of some 540 sqm on the ground floor and 251 sqm on the first floor.
The high street shop at Bakkerstaat 16 is leased for multiple years to mobile phone provider T-Mobile. The shop has a surface area of 100 sqm on the ground floor and 20 sqm storage on the first floor. Bakkerstraat is a popular shopping street connecting the major shopping streets Oudegracht and Lange Elisabethstraat.
In recent times we have made significant steps in the realisation of our high street strategy through a number of acquisitions and disposals. Also, we have succeeded in realising value creation within a very short space of time with recently acquired high street shops. The acquisitions in Utrecht city centre fit perfectly in our strategy and here, too, we see possibilities to enhance the value of the retail units. The cluster of shops in the historic city centre of Utrecht which results from our most recent purchases also allows us to offer a diversity of shop locations to retailers. Finally, I am delighted with the dedication of the Dutch retail team, which enabled us to act very quickly.
Vastned is a listed European retail property fund focusing on venues for premium shopping. Vastned invests in selected geographical markets in Europe and Turkey, with a clear focus on the best retail property in the most popular shopping streets in the bigger cities (high streets). Vastned also owns attractive shopping centres and retail warehouses. Vastned’s tenants are strong and leading international and national retail brands. The property portfolio has a size of approximately € 1.8 billion.