TCN Property Projects/Pricoa sold Retail Park Plein Westermaat in Hengelo to German Investor Deka Im

TCN will continue managing Plein Westermaat and announces the start of phase three. TCN Property Projects and Pricoa (UK) recently completed phase II (25,000 sq.m) of Retail Park Plein Westermaat situated on a location visible from the A1 motorway near Hengelo.

The Retail Park, designed by Mecanoo Architects, is a unique Park judged by Dutch standards and distinguishes itself by its architecture, the uniformity and quality of materials and signage, the landmark “Zouttorens”, “landscaping” and the tenant mix. In addition to anchor tenants like Ikea, Praxis and Mediamarkt one will find here e.g. a large “Life Fit” sport & health centre.

TCN Property Projects sold the property belonging to Phase II of Plein Westermaat to the German investor Deka Immobilien Investment GmbH. Furthermore, Deka Immobilien has taken an option on Phase III of Plein Westermaat. Rotterdam Properties was the intermediary for this transaction.Deka Immobilien, member of the savings banks financial group, is market leader in open-ended property funds in Germany.

TCN Property Projects will continue the management of Plein Westermaat, which is essential for the quality of this Retail Park.

TCN Property Projects and development partner Pricoa jointly continue to develop the remaining part of Plein Westermaat. The development of Phase III (20,000 sq.m) was given green light this week. The start of construction is expected at the end of 2005. TCN Property Projects is looking for a continuation of the leisure- and retail functions for Phase III of Plein Westermaat.

From the beginning of May, all stores at Plein Westermaat will be opened. Meanwhile, thousands of visitors from the Twente region and across the border from Germany are visiting Plein Westermaat daily.

Source: TCN

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