Corio has signed a turn-key agreement for the acquisition of shopping center Newport Nesselande in Rotterdam. The acquisition price is approximately €30 million (including acquisition costs). The shopping center will comprise approximately 10,000 m² lettable area and is expected to be delivered in the second half of 2009.
Artist impression of Newport Nesselande.
Newport Nesselande shopping center will be built in the new VINEX location (site designated by the government for future urban development) in the Nesselande district of Rotterdam. It forms part of the 'Newport Nesselande' project which will include, besides shops and recreational amenities, 464 homes and a car park for 635 cars. Corio acquires the shopping center from Multi Vastgoed.
Nesselande lies to the northeast of Rotterdam, between the A20 motorway and lake Zevenhuizerplas. Nesselande enjoys an extremely favorable location, given the proximity of the Green Heart, on the one hand, and the city center of Rotterdam and arterial roads, on the other. Nesselande will be easily accessible by car and have excellent links to the rest of Rotterdam by means of the underground. Through the creation of three parks, the doubling in size of lake Zevenhuizerplas and the addition of many facilities, Nesselande will become a high quality new residential, retail and recreational area. With the acquisition of Newport Nesselande, Corio has further strengthened its position in the Rotterdam region (Alexandrium I is already part of the portfolio).
In the shopping center, approx. 7,000 m² is designated for day-to-day shopping (including two supermarkets) and a range of non-food shops. In addition, its location along a boulevard with a broad urban beach and parks close by offers excellent opportunities for leisure amenities (approx. 3,000 m²) such as catering outlets and a health club.
The project, with an investment value of approx. €30 million, will be transferred from the variable to the fixed pipeline of Corio. Upon completion, the project is expected to generate a net yield at least equal to the current portfolio average in the Netherlands.
Atria in Amstelveen
After undergoing a complete renovation, the Atria office building at Prof. Meijerslaan 2 in Amstelveen is to be let to the Vereniging VU - Windesheim (Vrije Universiteit of Amsterdam) from 1 October 2007 for a period of 10 years. The property, with a lettable floor area of 6,877 m² and 1,200 parking spaces, is now fully let and the tenant will start paying rent that is in line with the current market as from 1 October 2007. This is the fifth office property of Corio that, after it became vacant, was successfully renovated, with a prompt letting as a result.