Schiphol Real Estate postpones further investments in office blocks

The real estate division of the Schiphol Group inflicts a heavy blow to the balance sheet of the airport company. Last year SRE contributed over 20% in the profit of Schiphol.

The more than 50,000 sq.m. leasable office space investments that have been postponed, means an investment of EUR 68 million. Normally real estate at Schiphol realizes a yield of between 7 and 8 percent.

By the end of this year the construction of the new towers of the World Trade Center (17,500 sq.m.) were planned, and next year the construction of an office block on Schiphol East (12,500 sq.m.) has also been postponed. Also the so-called Gateway project, an office block bridging the highway and totaling some 25,000 sq.m., has been postponed.

(source: NRC Handelsblad)

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