Harbert sells major Dutch convenience retail portfolio

Harbert European Real Estate (HERE), the real estate arm of Harbert Management Corporation, has sold its Pulse portfolio, a collection of grocery-anchored convenience retail properties in the Netherlands. 

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This sale, completed through two separate deals, represents the largest retail transaction in the Netherlands in the last six years, according to CBRE. Financial details were not disclosed.

HERE originally acquired the approximately 74,000 m2 portfolio in September 2019. It consists of seven neighbourhood shopping centres and retail outlets, all situated in highly populated urban areas in the Netherlands. These properties are primarily anchored by supermarkets and convenience retailers, which account for 71% of the total rental income, and benefit from consistent daily foot traffic.

A Dutch institutional investor purchased two of the shopping centers (in ’s-Hertogenbosch and Utrecht), while a consortium led by Orange Capital Partners acquired the remaining five assets from the Pulse portfolio.

HERE's asset management team achieved an increase in occupancy to 98%, over 30% growth in portfolio rental income, completion of a €15 mln capital expenditure program for refurbishments, redevelopments, and expansions and the addition or expansion of six major supermarket anchors, strengthening the core appeal of each property.

CBRE advised HERE throughout the sale and had been involved with the portfolio since its initial acquisition in 2019.

Yasmine de Moussac, head of Asset Management – Europe at Harbert Management Corporation, said: “Transforming the Pulse portfolio required a highly active asset management approach through which we identified and captured every meaningful value-creation opportunity. This transaction follows the sale of our XXL logistics asset in France to Amazon - one of the three largest logistics transactions completed in Europe in 2025 - further demonstrating the expertise of HERE’s pan-European platform in delivering strong performance across sectors and markets.”

Ryan Benevides, principal, Asset and Portfolio Management – Europe at Harbert Management Corporation, said: “We continue to find pockets of capital for our stabilised assets, reinforcing our strategy of acquiring in sectors that have enduring appeal and strong fundamentals. Today’s announcement demonstrates, and marks an important step in, our divestment programme to return capital to our investors following the successful execution of an ambitious business plan.”

Lodewijk Buijs, executive director at CBRE, added: “The disposal, the largest retail transaction in the Netherlands in the past six years, highlights the strong recovery and renewed investor confidence in the Dutch retail market. Retail real estate is once again fully competitive with other investment sectors such as residential, office and logistics. Both banks and a broad range of investors are actively returning to the Dutch retail market.”