Colliers International is to sell the majority of the properties owned by bankrupt Dutch developer Eurocommerce in a foreclosure auction.
Colliers International is to sell the majority of the properties owned by bankrupt Dutch developer Eurocommerce in a foreclosure auction.
On instructions of six creditor banks, Colliers is to sell 44 properties, totalling 270,000 m2, in six lots on 29 October. Lot 1 features the 25,000-seat GelreDome football stadium in the city of Arnhem. The other assets are located across the Netherlands and will not be sold separately as the lots are linked to each of the banks.
The foreclosure auction has been described by Henk Dopheide and Jacques Kwak of Colliers as one of the largest of its kind ever in the Netherlands. The auction takes place at the Felix Meritis building on Keizersgracht in Amsterdam.
Eurocommerce has a total portfolio of 59 assets that was at one time valued at EUR 560 mln. Neither Eurocommerce nor the receiver would comment on why 15 of the properties are not being included in the auctions.
Law firm NautaDutilh is acting for the banks.
