LONDON—Continuing Tristan Capital Partners' year-long run of retail acquisitions across Europe, a Tristan-advised fund, EPISO 4, has agreed to buy a portfolio of 15 neighborhood shopping centers and retail strips from Dutch insurer Delta Lloyd. The €273-million (approximately US$299 million) sale marks Delta Lloyd's exit from commercial property ownership.

"This is the second investment in the Netherlands made by the fund in the space of six months," says Ali Otmar, managing director, investments at the London-based investment manager. "Well-located retail assets like these will benefit as consumer confidence improves, a theme that we have pursued already in Germany and the UK. This portfolio combines a solid convenience-focused tenant base serving good catchments areas with plenty of asset management opportunities."

The properties are located primarily in the Randstad megalopolis that includes the Netherlands' four largest cities. Comprising 10 neighborhood centers and five streets of high street retail, the 1.3-million-square-foot portfolio includes assets in Amstelveen, Beverwijk, Diemen, Geleen, Gorinchem, Hilversum, Lelystad, Maastricht, Ridderkerk, Rijswijk, Uithoorn, Utrecht and Zeist.

For Delta Lloyd, the sale to Tristan's EPISO 4 means concentrating solely on residential properties. In November, Delta Lloyd sold its office investment portfolio for €226 million to First Sponsor Group.

Tristan's previous foray into Netherlands commercial property occurred in September, when it bought a mixed portfolio of 39 assets from Generali. Its most recent previous retail deal was its November acquisition of a portfolio of five retail parks and four development sites in Norway from the property arm of retail group Coop Norge. Since this past February, Tristan has also acquired shopping centers in Germany, Italy, France and Northern Ireland, along with mixed-use portfolios comprised partly of retail assets and another quartet of retail warehouse parks, this one in the UK.