MULTI acquires remaining 50% of ING RE shares in 2ND phase of City Center Nieuwegein (NL)

Multi Development NL has acquired the remaining 50% share of ING Real Estate acquired in the development and realization of the second phase of the expansion of the city of Nieuwegein, The Netherlands.

Multi will now independently continue to complete Stadskwartier Nieuwegein CV; one of the largest inner city (re) developments in the Netherlands. Multi and ING shared the first phase of the expansion of the city that opened September 2011. On February 15, 2012 construction of the second phase will begin. Heino Vink, CEO of Multi Corporation said: "We have been committed to this wonderful city heart development since 1991 and constructing from 2008 so we are very pleased to be able to continue with delivering on our promise to the people of Nieuwegein."

Largest urban development in the Netherlands
The retail area of the city of Nieuwegein is doubled to a total of 56,000 m². The first phase included 17,000 m² of shops, a parking garage and 163 owner-occupied and rental apartments. The new Town Hall in the center was realized, and a new, modern theater and arts center and 1,100 parking spaces.

The second phase includes 15,000 m² of shops, restaurants, 38 apartments and 150 parking spaces. A shopping passage will run from the Town Hall to the market. The market will receive a complete makeover. All of the walls will be raised so that the square is at the same height as the shops of the present City Plaza. When in 2013 the second phase is complete, one of the largest urban developments in the Netherlands will be completed, with a total investment of approximately €315 million.

Stadskwartier CV has resumed investing approximately €170 million in 32,000 m² of retail space (first and second phase expansion center) and 201 homes of which 74 private apartments. The municipality of Nieuwegein is investing an approximately €45 million in public space, the new Town Hall (including a library, shopping and social center), a theater and arts center and parking garages. Corio is investing over €100 million in the expansion of the shops in the city, including renovation of the existing City Plaza. Mitros is the owner of 38 rental apartments.

T+T Design, Multi's in-house design company, is responsible for the overall concept of the expansion of the center of Nieuwegein. Dok architects of Amsterdam is the architect of the second phase. Corio will own the stores in the city center.

Quality of life and Sustainability have been the spearheads of this major urban development from the start.

All buildings (shops, apartments, town house and theater) are connected to one of the largest Cold Heat installations in the Netherlands. The focus is not only on technical innovations, but also on the strength of all the elements combined together.

Source: Multi

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