June 2026 - Harbert European Real Estate Completes Sale of Convenience Retail Portfolio

London, UK, 9th June 2026 - Harbert European Real Estate (HERE), the European real estate investment platform of alternative asset manager Harbert Management Corporation (HMC), today announces the sale of a prime grocery-anchored, convenience-led retail portfolio (the PULSE portfolio) in the Netherlands. Completed through two concurrent transactions, the disposal marks the largest retail transaction in the Netherlands in the past six years according to market comparables tracked by CBRE. Financial terms are not being disclosed.

Acquired by HERE in September 2019, the c.74,000 sqm portfolio comprises seven neighbourhood shopping centres and retail outlets, all located in densely populated Dutch urban areas. The assets are anchored by supermarkets and convenience retail tenants (71% of total rental income), with each asset benefiting from strong daily-needs footfall and entrenched catchment profiles.

A Dutch Institutional investor has acquired two neighbourhood shopping centres, in 's-Hertogenbosch and Utrecht. The other five assets from the PULSE portfolio have been acquired by a consortium represented by Orange Capital Partners.

Despite operating through the COVID-19 pandemic and subsequent market turbulence, the HERE asset management team implemented a hands-on value-creation strategy centred on leasing, tenant-mix optimisation, refurbishment, and selective redevelopment, creating a stronger and more resilient portfolio. Key value-creation achievements include:

• Increasing occupancy to 98%

• Growing portfolio rental income by more than 30%

• Completing a €15 million targeted capex programme, including refurbishment, redevelopment and expansion works

• Adding or expanding six major supermarket anchors to enhance the core positioning of each asset

CBRE acted as adviser to the HERE-advised vehicle and has been involved with the portfolio since its acquisition in 2019.

Yasmine de Moussac, Head of Asset Management - Europe at Harbert Management Corporation, said: "Transforming the PULSE portfolio required a highly active asset management approach through which we identified and captured every meaningful value-creation opportunity. This transaction follows the sale of our XXL logistics asset in France to Amazon - one of the three largest logistics transactions completed in Europe in 2025 - further demonstrating the expertise of HERE's pan-European platform in delivering strong performance across sectors and markets."

Ryan Benevides, Principal, Asset and Portfolio Management - Europe at Harbert Management Corporation, said: "We continue to find pockets of capital for our stabilised assets, reinforcing our strategy of acquiring in sectors that have enduring appeal and strong fundamentals. Today's announcement demonstrates, and marks an important step in, our divestment programme to return capital to our investors following the successful execution of an ambitious business plan."

Lodewijk Buijs, Executive Director at CBRE, said: "The disposal, the largest retail transaction in the Netherlands in the past six years, highlights the strong recovery and renewed investor confidence in the Dutch retail market. Retail real estate is once again fully competitive with other investment sectors such as residential, office and logistics. Both banks and a broad range of investors are actively returning to the Dutch retail market."