Discussions which took place in recent weeks at the offices of Cushman & Wakefield in Amsterdam have now resulted in an agreement between V&D and landlords of V&D warehouses.
Jeroen Lokerse, Managing Partner Cushman & Wakefield, has the following to say about the agreement: “We had to consider the importance of V&D in the Dutch retail landscape. This motivated us to start discussions with lessors last Tuesday, to jointly examine if they could play a part in finding an appropriate solution. During this meeting, V&D and Sun Capital informed owners about the severity of V&D's situation. At that moment, we primarily focused on problems and debt-related issues, while it was equally important to also consider potential solutions. But this requires mutual trust, for which we have now laid the foundations. As a result, people were quickly ready to search for solutions, and discuss possibilities while considering everyone's interests. As the largest owner of V&D real estate, IEF Capital then assumed responsibility for developing a plan, which was realised with considerable knowledge and expertise, and a great deal of determination. This plan was presented to owners on Saturday evening, who quickly decided to welcome it with open arms. I am extremely proud about the effectiveness of the Dutch real estate market and the level of professionalisation in recent years. All real estate owners clearly showed a sense of responsibility by accepting the proposal. This solution, where the interests of individual real estate owners have made way for the common good, has now resulted in a direct cost reduction for V&D. The individual interests of owners will be addressed together with V&D in the coming months, which should help to find a fair long-term solution of the accommodation issue. It is fantastic that we have been able to keep an iconic and long-established retailer like V&D in the Dutch retail market.”