VastNed Retail and Altera Vastgoed acquire inner city development in Houten (NL)

VastNed Retail and Altera Vastgoed have concluded a turnkey purchasing agreement concerning the acquisition of the expansion of Winkelcentrum Het Rond in Houten, the Netherlands, for €30.8 mln. (effective investment by VastNed Retail €16.4 mln. and by Altera Vastgoed €14.4 mln.). The existing shopping center comprises approximately 20,000 m² of retail floor space. The expansion adds approximately 8,300 m² of retail floor space, divided among 33 shops, to the existing center. The expansion also includes an underground parking garage of approximately 400 parking spaces and a multiplex cinema with a catering establishment on the first floor.

The acquisition of the expansion of the shops and parking space will be made by Het Rond Houten B.V. which already owns the existing part of the shopping center and in which VastNed Retail and Altera Vastgoed each have a 50% interest. The cinema with
catering establishment will be acquired in its entirety by VastNed Retail. Gross rental income is expected to amount to approximately €2.3 million per year. The net initial yield for VastNed Retail is expected to amount to 7.2%.

The expansion of Winkelcentrum Het Rond will be realised by Van Wijnen Groep.The new part of the shopping centre is planned to open its doors in the first quarter of 2008. Van Wijnen will also effect the realisation of 165 apartments located above the retail
areas. These apartments will be acquired by the Algemene Woningstichting Houten (AWH).

The letting of the retail areas and the cinema is progressing well. (Preletting) contracts have been agreed with (inter)national retail chains such as ICI Paris XL, Kruidvat, C&A, Expert, Dixons, Cool Cat, Van Haren, De Rode Wnkel, Halfords and Hans Textiel. The
four-cinema multiplex has a capacity of 500 seats, and is let, together with the 400 m² catering establishment, to the cinema chain Merral Theaters.

Source: VastNed/Altera

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