Joint Venture between MPC Capital subsidiary and Angelo Gordon acquires convenience shopping center near Amsterdam
29 Oct 2018
Hamburg/Amsterdam, 29 October 2018 - A Joint Venture between Cairn Real Estate, a Dutch subsidiary of MPC Capital AG (Deutsche Börse Scale, ISIN DE000A1TNWJ4), and Angelo Gordon has acquired the convenience shopping center Maxis in Muiden from Highbrook Investors. Maxis Muiden offers 25 retail units on a shopping area of 22,675 sqm. It is located next to the A1 highway and serves the catchment of Greater Amsterdam.
Marcel Hertig, Vice President, Angelo Gordon: "We are very pleased to buy our second retail investment with Cairn Real Estate despite a short deal timeline. We were very familiar with Maxis Muiden having pursued the asset for over two years while it was in a stressed CMBS structure. We especially like the asset for its unique location on the eastern edge of Amsterdam with great connections to road networks, a very wealthy catchment and one of the areas in Amsterdam with the largest pipeline of new residential. We have identified a number of value-add drivers that we will unlock together with our partner Cairn Real Estate."
Maurits van der Werf, Director Retail at Cairn Real Estate: "Sourcing of deal-flow in this market requires creativity of both the operational partner and investor. Angelo Gordon has proven to be well established in the Dutch real estate market. This acquisition is an excellent addition to our joint portfolio and we strive for more projects in the future."
Angelo Gordon is a private investment manager based in New York, with additional European offices in Amsterdam, London, Frankfurt and Milan. Angelo Gordon has been investing in commercial real estate since 1993 and has acquired over $27 billion of assets globally. In Europe, Angelo Gordon has purchased over $2.4 billion of value-add and core plus real estate assets across all asset classes since 2009.