Central Plaza, Rotterdam
Central Plaza, Rotterdam, is a 33,415 sq m prime multi-storey building, comprising of 10 floors of offices, a shopping centre, casino and underground car park, located in Rotterdam’s central business district, opposite the Central Station.
Central Plaza formed part of the €140 million UNO Portfolio, which was the maiden investment in 2015 by the Cromwell Netherlands Diversified Partnership.
Upon acquiring the asset, the local Benelux team had a clear objective to stabilise the asset through a substantial leasing-up strategy, in order to create secure income by extending the leases of the key anchor tenants. This was achieved by signing new leases to key tenants, including: KPMG/Meijburg signing a long term lease on 5,826 sq m; Holland Casino significantly extending their lease on 9,255 sq m; and the renewal and expansion of leases with CoolBlue and Vapiano.
This active asset management strategy has achieved a reduction in the vacancy rate of the asset from 30% to 2% and an increase in the weighted average lease expiry to 8.9 years. The result is the creation of an institutional grade product, with creditworthy anchor tenants (68% rate A+), which appeals to the institutional investment market.