Nieuwe Steen Investments N.V. (NSI) continues to expand its position in shopping center Zuidplein through the acquisition of two retail units from Annexum's Vastgoed Fundament Fonds.
These units with a surface area of approximately 2,500 m² were sold for a purchase price of over 6 million. On December 28, 2010 NSI announced that it acquired Zuiderterras, also part of shopping center Zuidplein for an amount of 24 million.
The retail units now acquired by NSI are fully let to fashion chain '1982', part of the German Takko Fashion Group, and fitness club SportCity. Rental income is 455,000 per year which leads to a gross initially yield well above NSI's target for shopping centers of 7%.
Shopping center Zuidplein in Rotterdam with its 55,000 m² retail surface and 155 stores is the largest covered shopping center in the Netherlands. It attracts 12 million visitors annually and surveys have shown that these visitors are satisfied to a level well above average. NSI now owns more than 20,000 m² or 35% of this shopping center.
Johan Buijs, CEO of NSI: " By purchasing these units from Vastgoed Fundament Fonds we have strengthened our position in shopping center Zuidplein. This acquisition is a clear sign that, following our announcement, we will continues to execute our strategy to build a mixed real estate portfolio that partly consists of retail while the other half consists of offices."
H.B. Kroese Paternotte acted as advisor to Vastgoed Fundament Fonds.
Source: Nieuwe Steen Investments N.V.