Certitudo Capital acquires shopping centre Binnenhof and Entrepotgebouw RotterdamWednesday, July 15, 2020
Certitudo Capital acquires local shopping centre Binnenhof and the monumental Entrepotgebouw at a price of approx. EUR 55 million. Two retail objects, each with its own power; Binnenhof has great development potential and Entrepotgebouw is an impressive building with significant historical value in a fast-developing area. With this purchase Certitudo shows to have great confidence in retail - despite the corona crisis.
The monumental Entrepotgebouw – previously known as ‘De Vijf Werelddelen’ used to be the world's most modern warehouse, now it turned into a cool melting pot of entrepreneurs, hospitality establishments and retailers. A successful redevelopment turned Kop van Zuid-Entrepot into an atmospheric mixed use area connecting the northern and southern parts of Rotterdam.
The Entrepotgebouw is always buzzing thanks to supermarket Jumbo, gym BasicFit, coworking concept De Stadstuin, a myriad of hospitality venues, a lively boulevard and a marina in front of it. The great location, monumental value and the long term lease contracts make for a great opportunity for Certitudo.
Local shopping centre Binnenhof
A 12.000 sqm shopping centre with no less than three strong supermarkets (Lidl, Plus en Aldi) in densely populated urban area Ommoord: its large pulling force with regards to daily shopping makes Binnenhof extremely attractive as an investment opportunity for Certitudo. Potentially, the object will be extended with two residential towers with 375 homes. By reducing residential space, a new balans between retail and residential space settles, making the shopping centre future-proof.
As such, this redevelopment perfectly fits within Certitudo's Residential for Retail concept: for successful shopping centres it is key not to simply add hospitality businesses but to create a new mix of shopping, restaurants, living and leisure on an area level.
Mark Hoedjes, Director Asset Management Retail Certitudo Capital: “Not in spite of, but becasue of the corona crisis we continue to believe in the power of shopping centres. Online may have taken over a share of the retail market, but people will always want to visit physical shops. They want to see, taste, smell and experience what they buy. Especially since we have spent so much time at home. Research from Strabo shows that 90% of our retail expenses still happen in physical stores. That says enough."