H&M opens biggest flagship store in Rotterdam
CBRE Global Investors is the landlord of the Beurstraverse and of the Passage at Beursplein in Rotterdam. Combined, this is the largest retail real estate project in the portfolio of CBRE Global Investors. Year end of 2012 CBRE Global Investors and Cushman & Wakefield discussed the existing vacancies in the Passage. The landlord is seeking for a structural solution that both improves the market value of its largest project and provide insight into the potentially largest tenant in the shopping area at the same time.
It was known at Cushman & Wakefield that H&M, besides the existing three locations in Rotterdam (Beursgallery, Beurstraverse and Lijnbaan), has the ambition to open a flagship store in Rotterdam in which they could also accommodate other brands within the H&M Group such as Weekday and Monki. Although this would be a powerful structural solution for the Passage, the impact is huge and realisation is not possible in the existing situation. To develop an H&M flagshipstore a substantial redevelopment of the Passage was required. This included the lock down of several large floors, fully fitted vertical circulation (elevators and escalators) and the replacement of all installations.
On behalf of CBRE Global Investors, Cushman & Wakefield entered into negotiations with H&M based on the aforementioned conditions and with the mission to end or relocate the present tenants in the Passage.
The location that H&M needed to realise Rotterdam's largest flagship store in Europe is created by intensive negotiations and efficient cooperation with the Asset Manager and Property Manager of the Passage. The negotiations with H&M have taken up two years. In the same period five tenants were relocated and the redevelopment has been realised.
On October 17, 2014, H&M opened Europe's largest flagship store in the Beurstraverse in Rotterdam. The store has a total area of approximately 6,300 sq.m. The project was realised within the budget which was co-made by Cushman & Wakefield regarding termination and relocation of tenants. The leasing agreement with H&M provides Global Investors a long-term healthy return from its largest retail real estate project in the Netherlands.
“Within budget and realising solely satisfied tenants, Cushman & Wakefield has enabled us to long-term enhance the market value of our largest retail project”
Asset Manager, CBRE Global Investors