CMS advises AM and Rochdale on the sale of the Banne Binnen shopping centre

CMS Derks Star Busmann advised AM and Rochdale on the sale of the Banne Binnen shopping centre on the Bezaanjachtplein in Amsterdam. This transaction involved AM and Rochdale’s development comprising 7,300 m2 of retail floor space (neighbourhood shopping centre), 3,400 m2 of floor space for a sport and cultural activities centre (gym and gymnastics facilities, a library, an auditorium, a childcare centre and conference rooms), 36 group residences, 194 flats for sale, 267 public parking spaces and 184 parking spaces for residents.

The construction had to be commenced in 2010 in connection with obtaining various subsidies. The project developers conditioned their involvement on all the residential and commercial space having been sold prior to the commencement of construction. In December, all of the contracts with the various buyers (shop owners, the municipality, a housing corporation and an investor) were drafted and signed. CMS provided counsel on the preparation of these contracts, and provided advice on subsidies, tax issues, state aid, the partitioning into apartment rights and the issue of warranties. Construction commenced on 29 December. Over the next few months, our firm will handle the further notarial settlements involving the project.

The team was led by Hein van der Meer and comprised Steven van Voorst, Tristan Schonis, Jasper Kampherbeek, Paul Hulshof, Allard Knook and Luurt Wildeboer.