AM Vastgoed BV and Assen Projekten BV have set up a joint venture to develop four shopping centres in East Netherlands, which will create around 23,000 mÃÂ² of commercial space and over 400 apartments. The combined portfolio will be worth approximately Ã¢âÂ¬150 million. Work on the projects is scheduled to start in 2004 and 2005.
The projects are in Enschede (Stokhorst), Ermelo, Hardenberg and Losser. In Enschede, an area covering one hectare which currently accommodates a shopping centre, a school, a swimming pool and a sports centre will be redeveloped to provide a district centre with 5,200 mÃÂ² of commercial space and services, 150 apartments and car parking. In Ermelo, a former Connexxion bus depot and an Albert Heijn supermarket will be redeveloped to perform a town centre function, with 5,000 mÃÂ² of shops, 4,500 mÃÂ² of office space and services and 140 apartments. In Hardenberg, the joint venture will be involved in part of the town centre project which AM Vastgoed is developing. The joint ventureÃ¢â¬â¢s part of the project comprises 6,000 mÃÂ² of retail space and 100 apartments. The project in Losser is a redevelopment project to provide 2,500 mÃÂ² of shops, bars and restaurants and a number of apartments.
The joint venture
The fifty/fifty joint venture combines AM VastgoedÃ¢â¬â¢s conceptual skills and project management and development expertise with Assen ProjektenÃ¢â¬â¢s local market knowledge and existing positions. Joining forces will enable the partners to finalise the development plans more quickly, so that work can start on these four projects in 2004 and 2005.
Source: AM Development