Project Spark

Background

DELA Vastgoed manages, acquires and sells real estate on behalf of Coöperatie DELA. A significant portion of their real estate ownership consists of high street units and convenience led shopping centres. Coöperatie DELA critically analysed the allocation of its total investments and decided to dilute their allocation to direct retail investments in the Netherlands (approximately 15- 20% of their total current investments). 

Eight shopping centres were selected for disposal, and JLL was instructed to assist in this process. 
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Strategy

With a retail footprint of over 80,000 sqm and a geographic spread across the Netherlands, the proposition presented an opportunity to obtain or increase significant exposure in the Dutch retail market. Together with vendor, JLL drafted a target investor list with parties capable of closing large volume, multi-asset transactions, bearing in mind the objective of selling the Spark Portfolio as one portfolio and at the targeted price. 

Premarketing sessions were held with selected parties, presenting them with key investment highlights and detailed plans per shopping centre in order to determine investment appetite in an early stage. Due to the characteristics of the portfolio a selective and personal campaign was executed. 

Results

Multiple non-binding offers were received, and after multiple rounds a party was selected for exclusivity. Both JLL’s retail knowledge and significant track record in executing deals of this nature resulted in us being able to provide a full-service strategy and process to the vendor. This ensured a successful closing in the third quarter of 2019, making Project Spark the largest retail transaction in the Netherlands in 2019. 

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