Catharinasteeg is part of the portfolio with projects acquired by MRP Development last year from ASR Vastgoed Ontwikkeling. MRP Development is part of Meijer Realty Partners.
UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) has bought the first phase of the development project Catharinasteeg turnkey on behalf of one of its clients.
6000 m² retail space
Catharinasteeg is situated in the historic heart of Leiden. The completed project, which is expected to be ready in the summer of 2017, consists of about 7800 m² in total, comprising of 10 retail units (circa 6000 m²), plus 21 apartments. Catharinasteeg is part of the so-called Aalmarkt project, with which a new retail circuit is created in the town centre.
According to UBS, the combination of original monumental premises and modern architecture make the Catharinasteeg an attractive new shopping destination, between the two most important shopping streets, Haarlemmerstraat and the Breestraat. Recognised international lessees, such as Mango, H&M and Via Mio, have already decided to move to the area.
Breeam Good
The construction of Catharinasteeg will be carried out under the auspices of MRP Development. The project will get a Breeam Good sustainability certificate as soon as it has been completed. The 10 retail units vary in size between 40 and 3,150 m² and can be adapted to the requirements of the lessees. The 21 houses above a part of the shops vary in size from studios to apartments with 3 bedrooms. They are easily accessible through three separate entrances.
Second investment after A-Factorij
Ward van de Braak, managing director of Real Estate Nordics & Benelux of UBS: “This unique investment opportunity comes shortly after the takeover of the office building A-Factorij in Amsterdam. This has been our second investment on the Dutch market in the past six months. Catharinasteeg is a fine addition to our Noord-European portfolio. The retail space in the project is already almost fully let out, despite the fact that it has not been completed yet. This is an illustration of the demand for high-quality retail space at this Leiden top location.”
New retail circuit
Bart Meijer, CEO of MRP: “This inner-city development with the redevelopment of a large number of monumental buildings is unique for the Netherlands. We do not only improve these monumental buildings, but also the retail structure of Leiden. With Catharinasteeg we create a new retail circuit and a real heart in the town centre.”
3Stone Real Estate have acted on behalf of buyer UBS.