KGAL acquires retail centre near Rotterdam

KGAL Investment Management has expanded its European real estate fund portfolio with the acquisition of a retail centre near Rotterdam, Netherlands, from PingProperties.

Carnisse Veste

This marks KGAL's third acquisition of a local retail centre in the country.

Strategically located in the affluent Randstad region, Carnisse Veste serves the residential town of Barendrecht, home to 50,000 inhabitants and directly bordering Rotterdam. Its dominance in the region is underscored by strong anchor tenants, including major national supermarket chains Albert Heijn and Jumbo, as well as discounter Lidl.

Constructed in 2003, the centre underwent extensive modernisation and space optimisation in 2025. The two-story rental area features a diverse tenant mix, including supermarkets, fashion retailers, speciality shops, restaurants, services, and a gym. The covered parking facility, equipped with electric vehicle charging stations, offers direct access to the ground floor, while the upper floor provides convenient access to public transportation.

The recent refurbishment significantly improved the tenant mix, resulting in full occupancy and a waiting list for prospective tenants.

The acquisition was made for an institutional fund managed by KGAL since 2014, which typically allocates approximately two-thirds of its investments to office properties and one-third to retail assets. The fund's portfolio now comprises 51 properties.

Ralf Nattke, senior transaction manager at KGAL, commented: “With its strategically favourable positioning, we expect ‘Carnisse Veste’ to generate an attractive distribution yield as well as a high degree of stability. Our two other Dutch local retail centres in Haarlem and Eindhoven already meet these requirements very reliably.”

KGAL was advised by JLL, Houthoff and Drees & Sommer Netherlands.