De Barones shopping center in Breda bought by Kroonenberg Groep by tender for over €118m from Commerz Grundbesitz Investmentgesellschaft mbH (CGI)
De Barones shopping center in Breda, with a total area of around 27,850 m², has been sold by tender to Kroonenberg Groep.
Due to the high level of interest in the center, a sale by tender was organized by Van Gool Elburg Vastgoedspecialisten on the instructions of Commerz Grundbesitz Investmentgesellschaft. There was a high level of interest from institutional investors, making it all the more remarkable that a private real estate company like Kroonenberg Groep was ultimately able to conclude the purchase.
The vendor, CGI, acquired De Barones in 1997 from MAB and Vroom & Dreesmann.
De Barones is located in the center of Breda, in the heart of the shopping district. Well-known large tenants include Vroom & Dreesmann, Hennes & Mauritz, Bijenkorf Mode, Etos, The Sting, Replay, Intertoys and Miss Etam. The shopping center attracted more than 6.5m visitors last year, and has seen steadily rising numbers of visitors since its opening in 1997.
CGI decided to sell due to the currently high demand for large investment properties, which led to a sharp rise in prices during 2005.
Kroonenberg Groep has acquired the property as part of its ambition to acquire large retail positions in the larger core shopping districts in the Netherlands in order to safeguard the quality of its growth in the long term. Kroonenberg Groep already owns several shopping centers, including Hilvertshof in Hilversum, De Nieuwezijds Kolk in Amsterdam, Hoogvliet in Rotterdam-Hoogvliet and De Keijserstroom in Meppel.
Kroonenberg Groep was advised during the purchase by estate agents Bessem & Partners and JonesLangLaSalle of Amsterdam.
Commerz Grundbesitz Investmentgesellschaft mbH was advised by Van Gool Elburg Vastgoedspecialisten.
(See also: www.debarones.nl)