KGAL Investment Management has acquired what is now the third local shopping centre in the Netherlands for a European special real estate fund. The highly frequented “Carnisse Veste” center in Barendrecht, on the southern city border with Rotterdam, is fully let and comprises 40 rental units on 16,295 square meters. In addition, there is a covered car park with 470 car parking spaces. The seller of the property is PingProperties.
“Carnisse Veste” is located in a central location of the green residential town of Barendrecht and at the same time in the economic centre of the Netherlands, the Randstad area, which is characterised by a high purchasing power. Barendrecht has 50,000 inhabitants and borders directly on the metropolis of Rotterdam in the north. With strong anchor tenants such as the leading national supermarket chains Albert Heijn and Jumbo as well as the discounter Lidl, “Carnisse Veste” is the region’s leading local supply centre.
Ralf Nattke, Senior Transaction Manager at KGAL, commented on the acquisition: “We expect an attractive dividend yield and a high level of stability from ‘Carnisse Veste’ with its strategically favourable positioning. Our two other Dutch local shopping centres in Haarlem and Eindhoven already meet these requirements very reliably.”
The property, which was built in 2003, was comprehensively modernised and optimised in terms of space in 2025. The rental space extends over two floors and offers a diverse mix of fashion and specialty shops, gastronomy and services as well as a fitness studio beyond the supermarkets. The ground floor is accessed at ground level directly from the covered car park including e-charging stations, while the upper floor also offers direct access to public transport at ground level. The refurbishment measures have further upgraded the tenant composition and achieved full occupancy. In addition to the long-term contracts of the anchor tenants, there is a waiting list for prospective tenants. The “Carnisse Veste” property was acquired for a special AIF, which KGAL has been managing since 2014. This fund invests around two-thirds in office properties and around one-third in retail properties. The portfolio currently comprises 51 properties.
KGAL was advised on the transaction by JLL (Commercial), Houthoff (Legal/Tax) and Drees & Sommer Netherlands (Technology).
