Retail Estates Next Quantum step in The Netherlands : Alexandrium II

Retail Estates announced the acquisition (October closing) of the retail park Alexandrium II Megastores in Rotterdam. This retail park represents 26,5K sqm of retail area subdivided into 18 units. with a large number of tenants like Mediamarkt, Decathlon, Pets Place, Sportsworld and Coolblue. The retail park is fully let. The investment will amount to EUR 81.5m, in line with the fair value (Stadim). The initial yield amounts to minimum 6%. Retail Estates takes another big step forward in its Dutch portfolio which now consists of 12 retail parks, two home decoration malls and 3 individual retail units, i.e. a total of 284 retail properties with a value of 579m. The addition of new third country seems to put on hold for an expansion in this Rotterdam expansion. On 6/1, Retail Estates already announced the acquisition of Alexandrium III together with the Roobol family.
We believe CBRE Global Investors is the seller and this was an opportunity that came up only recently. Link ALEXANDRIUM zo is er maar één! (Dutch)
Retail estates also announced the issue price for the stock dividend at 58,31 per share. 9,32% lower than the closing price of the Retail Estates share on 15 June 2023, which amounted to 64,30. We expect a strong take-up that could return 20-30m in capital as the company is already trading at 18% discount, above historical average.