Amsterdam

CBRE Global Investors Divests Waagstraatcomplex Groningen

05 Aug 2021

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Corporate Communications Director

CBRE Global Investors, on behalf of the CBRE Dutch Retail Fund, has sold the Waagstraatcomplex in Groningen – a mixed-use complex in the city centre – to Vastgoed Groningen B.V. The Waagstraatcomplex is located directly next to the city hall and situated at the intersection of the main shopping street (Herestraat) and the central city squares Grote Markt and Vismarkt.

The fully let complex has a total floor area of approximately 11,000 sq m combining offices, residential, and retail/hospitality. The shopping area comprises of 14 retail units leased to international, national and local retailers such as Bookstore van der Velde, the iconic News Café, Rituals and Burger King. The office floors, which are leased to Belsimpel, are located on the upper floors, as are the 24 apartments.

The divestment of the Waagstraatcomplex is part of the ongoing improvement of the quality of the portfolio. The proceeds from the sale will be reinvested in the redevelopment of Amsterdamse Poort as well as other projects.

The CBRE Dutch Retail Fund is an unlisted real estate fund, managed by CBRE Global Investors with EUR 1.3 billion assets under management. The Fund’s strategy is to invest in sustainable and scalable mixed-use investments in vibrant city centres and inner-city neighbourhood shopping centres in major cities in the Netherlands.

Cushman & Wakefield acted as commercial advisor to CBRE Global Investors and Houthoff provided legal support. TRIP Advocaten Notarissen advised on the transaction on behalf of purchaser Vastgoed Groningen B.V.

About CBRE Global Investors

CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.

CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.