Rodamco Retail Nederland is to buy the Netherlands’ first factory outlet in Lelystad, 125km north east of Amsterdam, for €48m (NLG106m) from developers Stable International and Foruminvest.
The deal reflects an initial yield of 7.7%; a base rent has been agreed outside the turnover agreement but at the end of 2002 and 2004 a higher rent will be levied, which will considerably lift the initial yield, says the purchaser.
The project, which is called Batavia Stad Outlet Shopping, comprises 13,600m2 of space and 1,500 parking spaces and opens next month. The developers will retain an interest in managing the shopping scheme. According to Dutch planning requirements, there is only scope for three such shopping centres in the country.
