The vendors were real estate investor Altera Vastgoed and MN, working on behalf of the pension fund for the metalworking and mechanical engineering sector (PMT).

The parties did not disclose financial details, however the Dutch Land Registry records a purchase price of €53 mln. 

The asset is an inner-city centre, including 48 apartments located above it, with a surface area of 22,500 m2, and includes several non-food stores. The property has 831 parking spaces with shared ownership (45%) in four parking garages.

Erwin Wessels, chief investment officer of Altera said: 'By selling Stadshart in Zoetermeer, our convenience portfolio expands to over 87% and we further optimise the risk-return profile.

'The portfolio provides a stable direct return and is less sensitive to e-commerce and cyclical changes. Looking forward, the portfolio will continue to grow through strategic purchases and sales and targeted asset management.'

George van Hooijdonk, manager strategic partnerships real estate at MN said: 'Stadshart Zoetermeer has for many years made a respectable contribution to the return within PMT's retail portfolio.

'PMT has been the co-owner of the aforementioned property since the development of Stadshart. The development of a possible residential tower at the site of the former V&D is not MN/PMT's core business.

'MN/PMT, too, is increasingly focusing on food & convenience real estate within the retail sector. Furthermore, the portfolio will be supplemented with new-build homes in the coming period.'

Altera and MN were advised on the sale by Cushman & Wakefield, Capital Value, Dentons and BarentsKrans. PingProperties was advised on the purchase by CBRE, City Real Estate, Resi and Loyens & Loeff.