Harbert Management Corporation Sells Dutch PULSE Retail Portfolio in Netherlands' Largest Retail Deal in Six Years
LONDON — Harbert Management Corporation's European real estate platform has completed the sale of its PULSE portfolio, a seven-asset grocery-anchored convenience retail portfolio located across densely populated urban areas in the Netherlands, the firm announced June 9, 2026. The disposal was executed through two concurrent transactions and is described by CBRE as the largest retail transaction in the Netherlands in the past six years. Financial terms were not disclosed.
Two Buyers Divide the Seven-Asset Portfolio
The portfolio was split between two separate buyers. A Dutch Institutional Investor acquired two neighbourhood shopping centres located in 's-Hertogenbosch and Utrecht. The remaining five assets were acquired by a consortium represented by Orange Capital Partners. Harbert Management Corporation (HERE), the European real estate investment platform of alternative asset manager Harbert Management Corporation, had originally acquired the PULSE portfolio in September 2019.
The portfolio totals approximately 74,000 square metres and comprises seven neighbourhood shopping centres and retail outlets. Supermarkets and convenience retail tenants account for 71% of total rental income across the portfolio, with each asset drawing on strong daily-needs footfall and established catchment areas in densely populated Dutch urban locations.
Value-Creation Program Drove Occupancy and Income Growth
Over the course of its hold period, HERE implemented an asset management strategy focused on leasing, tenant-mix optimisation, refurbishment, and selective redevelopment. The program was executed through the COVID-19 pandemic and subsequent market turbulence. Key outcomes of the program include occupancy increasing to 98%, portfolio rental income growing by more than 30%, the completion of a €15 million targeted capital expenditure program encompassing refurbishment, redevelopment and expansion works, and the addition or expansion of six major supermarket anchors across the portfolio.
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."
Dutch Retail Market Recovery Underpins Transaction
CBRE acted as adviser to the HERE-advised vehicle and has been involved with the portfolio since its acquisition in 2019. 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."
About the Parties
Harbert Management Corporation is an alternative asset manager whose European real estate investment platform, Harbert European Real Estate, operates across multiple sectors and markets on the continent. Orange Capital Partners represented the consortium that acquired five of the seven PULSE assets. The identity of the Dutch Institutional Investor that acquired the two centres in 's-Hertogenbosch and Utrecht was not disclosed.