Düsseldorfer Hypothekenbank Refinances Resolution Property’s Rosada Fashion Outlet
- Latest lettings, sales and footfall figures indicate strength of NL asset and management
Resolution Property has successfully refinanced its Rosada Fashion Outlet in Roosendaal, Netherlands, and has commenced the development of an 8,000 sq m extension to the project. This follows strong year-on-year growth in sales and footfall and continued letting activity.
Düsseldorfer Hypothekenbank AG, a German Pfandbriefbank, has provided senior debt financing of €40 million for the Rosada Fashion Outlet as a standing investment and also for development of the Phase II extension. Phase II will provide an additional 45 units, plus 900 new car spaces by early 2016.
Düsseldorfer Hypothekenbank AG sees the Netherlands as one of its core markets in the commercial real estate financing business. Dr. Christian von Villiez, Spokesman of the bank’s Management Board said: “We are convinced about the Rosada Fashion Outlet scheme. With a robust business plan prepared and executed by an experienced team of real estate and outlet center specialists, we are pleased to provide the debt financing for this scheme. Its strong cash-flow producing capacity gave us comfort to contribute to further strengthening its position in the outlet market.”
Phase II works have commenced with initial ground works, including new service diversions and re- routing of a dyke to provide a new platform for the additional retail units.
Around 45% of Phase II at Rosada Fashion Outlet is already pre-let or in advanced negotiations with leading brands. Meanwhile, Phase I is 96% leased following recent lettings to Desigual and Dutch jeans brand Petrol Kids. The centre, which is owned by Resolution Property and operated by Stable International, has seen a 14% increase in sales compared with 2013 and a 10% increase in footfall over the same period. Performance has been supported by the deployment of a new consumer and visitor analytics system provided by Path Intelligence.
Rosada Fashion Outlet’s growing tenant line-up includes more than 120 retailer brands, attracting both Dutch and Belgian shoppers with its close proximity to Rotterdam, Breda and Antwerp.
Michel Nangia at Resolution Property said: “Düsseldorfer Hypothekenbank AG’s support for our Rosada asset is a great endorsement of the centre’s performance to date and its future growth potential. Strong management, supported by depth of experience and the latest analytics technology, have enabled Resolution and Stable International to position Rosada as one of Europe’s leading outlet centres”
CBRE Debt & Structured Finance’s Amsterdam and London teams advised Resolution on the financing with Dusseldorfer Hypothekenbank.
Successfully completing this financing, which also funds the development of Phase II at Rosada, is evidence that the Dutch lending environment is getting back on track. With the right sponsor and property, complex transactions such as this are once again generating good interest among a broad group of lenders.
Resolution Property is actively seeking new retail investment opportunities across Europe for its fourth fund, especially in Netherlands, Germany, Poland and the UK.