Uni-Invest Holding has sold the Magna Plaza shopping centre in central Amsterdam to a fund for Irish private investors for €48.1m.
Magna Plaza was redeveloped from the city’s main post office in 1991 to a centre with around 40 shops. The sale price reflects an initial yield of just under 6%, said Uni-Invest. The buyer is a single-asset vehicle managed by Austrian-based asset manager Akron Group and Allied Irish Bank.
Peter Ulm, a partner in Akron’s management group, said Akron and AIB planned to launch two funds for Irish investors each year. He added that the funds buy single assets or small portfolios of around €50-60m and that returns above 10% are expected. The fund that bought Magna Plaza is the joint venture’s second.
Uni-Invest was taken private by a Lehman Brothers-led consortium in 2003.
