PingProperties acquires Passage Schiedam shopping centre from HighBrook Investors

15-07-2021

On 15 July PingProperties has added the Passage Schiedam shopping centre, located in the centre of Schiedam, to its portfolio on behalf of Daily Convenience Centre III. Passage Schiedam is superbly situated in the historic centre of Schiedam and is the largest and oldest indoor shopping centre in the town. Around 68 retail units, of which 18 are currently available, are found in the shopping centre spread across a ground floor and three upper floors. It has a floor area of approx. 18,300 m² LFA. The complex also has a five-level underground car park with 280 parking spaces.

With the purchase of Passage Schiedam, PingProperties is further expanding its convenience retail portfolio. PingProperties believes in the power of local shopping centres, where active management and personal attention to shopkeepers can add value.

Purchasing strategy for convenience retail
PingProperties is investing in convenience retail in local urban centres. It believes in a strategy with a strong mix of lessees focusing on the constant movement and exchange of people, goods and services. Local shopping centres thrive where there is a good range of shops serving day-to-day needs (food, greengrocer, fishmonger, butcher, florist, household goods, newsagent etc.), local heroes (beauty salons, massage parlours, hairdressers etc.), social amenities (pharmacist, doctor, dentist, gym clubs etc.) and a strong offline presence combined with online retail concepts.

This strategy by PingProperties anticipates a considerable growth potential for the Passage Schiedam shopping centre, where currently only 12% of the lessees are food related and there is a high vacancy level (26.4% of the retail units). In addition, the municipality wants to give the town a full upgrade, in order to retain residents with careers in the social sector and to create an attractive environment for the people of Rotterdam. In order to achieve this, no fewer than 7,000 high-quality homes are being built in the town, more than 1,700 of which are in the shopping centre’s catchment area.

Passage Schiedam attracts 62,700 visitors each week, with Hema, Action, Bristol, H&M and Nelson as the top five lessees.

PingProperties was advised by CBRE and Loyens & Loeff. HighBrook Investors was advised by Everglow Real Estate and Loyens & Loeff.