How much did AG and Cairn pay for Maxis Muiden?

Cairn Real Estate and Angelo Gordon have entered into a joint venture, acquiring the Maxis shopping centre in Muiden from Highbrook Investors.

Angelo Gordon logoThe out-of-town retail destination – which primarily attracts visitors from Amsterdam and the surrounding areas – is located just off the A1 highway. Tenants at the shopping centre include Albert Heijn, Hema, C&A and BCC.

Angelo Gordon and Cairn Real Estate were advised on the purchase by Osborne Clarke (legal), PWC (tax), SGS Search (technical), Neoo and CBRE (commercial). The seller was assisted by Loyens & Loeff and C&W.
According to the deed of transfer, the property was sold by private limited company Ark Portfolio Owner Pampusweg for 62 million euros. Based on information from the Dutch property register (BAG), Vastgoedmarkt has calculated that the site has a floorspace of around 19,800 m2.

Marcel Hertig, Vice President at Angelo Gordon, commented: ‘We were already familiar with Maxis Muiden, as the property was tied up in a distressed CMBS situation. What appeals to us most about the site is its unique location on the eastern outskirts of Amsterdam, an area where residents’ purchasing power is on the increase and where we are seeing the construction of many new homes. We hope that our purchase of Maxis Muiden in partnership with Cairn Real Estate will be an opportunity for us to add value to the area.’