PingProperties acquires Stadshart Oost Zoetermeer from Altera and MN

05-09-2022

On 1 September PingProperties acquired Stadshart Oost, situated in Zoetermeer city centre, for its Daily Convenience Center IV portfolio. Stadshart Oost is a city-centre, mixed-use asset with 27,500 m² retail, 831 parking spaces in shared ownership (45%) in four car parks and 48 apartments. It also offers the option of developing a residential tower block.

Stadshart Zoetermeer has a long history and an excellent reputation in its catchment area. With more than 10 million visitors a year, Stadshart Zoetermeer is the largest and most important shopping centre in the city. It offers a mix of non-daily shops, supermarkets, restaurants, offices and homes.

With the purchase of Stadshart Oost, PingProperties is expanding its convenience retail portfolio further. PingProperties believes in the power of district shopping centres, where active management and personal attention to retailers can add value. ‘The opportunities offered by the shopping centre, in combination with Zoetermeer’s strong catchment area, make a repositioning as a lively convenience centre an exciting challenge for our team’, says Luc Baas, Fund Manager of PingProperties.

Purchase strategy for convenience retail
PingProperties invests in convenience retail in urban district centres. It believes in a strategy with a strong mix of tenants focusing on a constant exchange of people, goods and services. A shopping centre performs better when there is a concentration of shops providing for daily shopping needs and strong chain stores focusing on discretionary shopping, together with local heroes and social amenities. Maarten Matze, CIO of PingProperties: ‘By pursuing this strategy, our organization sees huge growth potential for Stadshart Oost in Zoetermeer’.

PingProperties was advised on the purchase by CBRE, City Real Estate, Resi and Loyens & Loeff. The vendors were advised by Cushman & Wakefield, Capital Value and Dentons.