Multi and ING conclude financing agreement (€72m) for first phase of Nieuwegein Center (NL)

Multi Vastgoed and ING Real Estate Development (Stadskwartier CV) have agreed funding of €72 million with ING Real Estate Finance (REF) for the first phase of the redevelopment and expansion of the center of Nieuwegein.

Nieuwegein Centrum

Retail space in the center of Nieuwegein will be doubled to a total of 56,000 m².

Multi Vastgoed, the Dutch subsidiary of Multi Corporation, and ING RED intend to double the available retail space in the center of Nieuwegein to a total of 56,000 m² over the next few years. Cityplaza now offers 28,000 m² for shops, cafés and restaurants, 7,000 m² of which is redeveloped. This all adds up to a new shopping area of 35,000 m². The shop units in this 'Stadskwartier' are owned by Corio Nederland Retail. Alongside the three retail blocks, Multi and ING Real Estate are developing 198 residential units. New local authority housing is also being built in the city center. In addition to its public offices, the town hall will also accommodate a further 3,000 m² of shops. Approximately 1,200 extra parking places are also being created in this part of the city center in collaboration with the local authority. Construction work on the town hall started on April 21.

The first phase of the expansion of Nieuwegein's center has been designed by Pi de Bruijn of Architekten Cie. in Amsterdam. He has designed a magnificent building with a 17,000-m² shopping area spread over three levels. In addition to this, there are 89 rental apartments in six elegant high-rise buildings, which have been sold to ING Dutch Residential Fund, and 74 apartments of the greatest possible diversity are available to buy. The construction of phase 1 will start in May 2009 and completion is expected in 2011. The homes are expected to come on sale in the autumn of 2009.

"After 35 years, Nieuwegein is finally getting a fully-fledged and pleasant center. The 'Stadskwartier' is all about living, shopping, going out and working in an urban setting full of drive and vigour. With the 'Stadskwartier' on Cityplaza's east side, there will be twice as many shops. A wide choice of restaurants and little terraces, in addition to the approximately 200 residential dwellings, add to its lively atmosphere", comments Richard Reulink on behalf of Stadskwartier CV.

Source: Multi

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