Savills Investment Management (Savills IM) has purchased the “Bos en Lommerplein” neighbourhood scheme in Amsterdam for €51 million on behalf of its European Food Retail Fund (EFRF) from Lone Star.
The asset is located within the inner ring-road, just a couple of kilometers from Amsterdam’s central station, in a dense urban area going through significant demographic improvement.
It comprises approximately 12,000 sq m GLA, with 534 parking spaces. The complex was completed in 2004 and has recently been renovated to create a new central plaza. It is anchored by three supermarkets as well as a number of newly-arrived national retailers.
”This neighbourhood scheme is located in a prominent, central location in Bos en Lommer – the economic and social heart of Amsterdam West – and is the first Dutch acquisition for EFRF. The asset offers a strong mix of high-quality tenants such as the parking operator Q-Park, three supermarkets and several convenience stores. The stability and long-term income stream offered make this an ideal addition to the Fund’s portfolio,” said Kathrin Michalzik, Portfolio Manager at Savills Investment Management.
”Our ability to source this opportunity for the fund ahead of marketing is testament to the advantages of our European network. This acquisition offers immediate high distribution in a leading European capital with upside from ongoing asset management, and sits well alongside our first acquisition of 38 Danish supermarkets last year. We have additional deals under offer in Ireland, Spain and Germany to invest the already committed capital promptly. We are looking forward to a successful first year of operation for EFRF,” added Ian Jones, Director of Investment at Savills Investment Management.
The food retail-focused German special fund EFRF was launched in December 2020 with capital commitments of EUR 109 million from six German institutional investors at first closing. The first investment was a Danish supermarket portfolio of 38 urban assets with a total volume of c. EUR 140 million. The assets are let to the food discounter Rema 1000 Denmark on a 15 year fixed-term.
 has purchased the “Bos en Lommerplein” neighbourhood scheme in Amsterdam for €51m on behalf of its European Food Retail Fund.){kind=link}