The Netherlands

In the Netherlands Wereldhave focuses on shopping centres. The retail portfolio amounts to € 500 mln in 2010, with shopping centres in Arnhem, Capelle a/d IJssel, Eindhoven, Etten-Leur, Leiderdorp, Maassluis, Purmerend and Roosendaal. The development portfolio consists of the extension of the Leiderdorp shopping centre. Extension plans for the shopping centres in Arnhem, Capelle a/d IJssel and Maassluis are under consideration.

In 2010 the Dutch economy grew 1.7%, continuing the recovery that started in the third quarter of 2009. Growth was stimulated by a strong export market and government demand, while private consumption initially remained subdued. The economy experienced a temporary standstill in the third quarter of 2010 as exports declined sharply. This illustrates the Dutch economy’s strong dependence on world trade. In the final quarter of the year 2010, growth resumed. The unemployment rate, which is the lowest in the euro zone, declined and ended the year at 4.5%.

The retail property market was the most stable of the commercial property markets. Although retail take-up was low during 2010, prime high street locations were in strong demand. Domestic and foreign retail chains tried to take advantage of the few prime retail units that became available. This relative shortage of supply supported prime rents. Good shopping centres kept up their high occupancy rates. Demand was less vigorous for secondary retail locations. This means that the gap between prime and secondary retail property widened. Vacancy grew mainly in areas where the population is declining. Investor demand for shopping centres was high, as retail is considered to be one of the safer asset classes. Some notable deals took place throughout the year including the sale of part of Unibail-Rodamco’s retail portfolio, the Beurs Gallery in Rotterdam and Entre Deux in Maastricht. Yields for prime shopping centres dropped during the year and range between 5.2% and 6% at December 31, 2010.

Wereldhave Management Nederland B.V.
Nassaulaan 23
2514 JT  The Hague
The Netherlands
T:   +31 (0)70 346 93 25
F:   +31 (0)70 363 89 90

H. Vermeeren (Managing Director)
R. Reulink (Director Developments)
C. van Kaam (Director Leasing)

Information Leasing: C. van Kaam (Director Leasing)