Nieuwe Steen Investments rediscovers the path towards growth

Nieuwe Steen Investments (NSI) took significant strategic steps during the second quarter aimed at the improvement and expansion of the portfolio. NSI improves the quality of the portfolio by investing in shopping centres with floor areas of at least 10,000 square metres, in which NSI’s proactive property management can add value, and in offices situated in West Holland’s Randstad conurbation at locations in the inner cities with a minimum surface area of 5,000 square metres. As part of this, NSI acquired the 10,500 square metres Sterpassage, which is part of the ‘In de Bogaard’ shopping centre in Rijswijk, for € 38.7 million. Gross rental income from Sterpassage amounts to €3.0 million per year and the gross initial yield is thus well above the target of 7% that NSI sets for shopping centres. The proceeds from the successful 9.99% share issue (€55 million) have been partly used for this acquisition. NSI continues actively seeking other opportunities for acquisitions. In addition, during the first half of 2010, NSI sold six smaller properties for an amount of €11.1 million.

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Released on: 30 juli 2010