Savills has advised Union Investment on its first retail investment in The Netherlands. Union’s DEFO managed fund acquired the property from Foruminvest for €29 million, reflecting a gross yield of 7%.

The 8,748 sq m (94,165 sq ft) parade of shops, comprises nine retail units, including Albert Heijn (supermarket), BCC, Xenos, Kijkshop and Perry Sport. It is located at the town square in the city centre of Enschede.

Matthijs Hoekstra, Associate Director, says: “Union have made a clear decision to invest counter cyclical, and are making an opportunistic acquisition in the Dutch retail market after yields have moved out a full 100 basis points.”

Tjerk van Kuppeveld, Managing Director, says: “With its quality tenants, large retail units and located in the centre of Enschede, Twentec presents a prime investment opportunity for Union.”