ING Real Estate Development (ING RED) is selling a shopping centre in the Dutch city of Enschede to Velocity European Properties for about EUR 20 mln.
ING Real Estate Development (ING RED) is selling a shopping centre in the Dutch city of Enschede to Velocity European Properties for about EUR 20 mln.
The parties announced this week that they had reached agreement on the transfer of ownership of 'Op de Brouwerij' shopping centre project. The first phase of the 7,500-m2 centre being developed by ING RED is due to open this summer. The second phase is to be delivered in 2012. The tenants include Jumbo, Etos, Primera and Sanders supermarkets.
The shopping centre scheme is the final part of a mixed-use development on the former site of the Grolsch brewery in the Roombeek district of Enschede. The other main elements of the project are150 apartments, 7,500 m2 of office space and parking for 225 vehicles.
This is the first acquisition by Velocity European Properties, which is based in the Dutch city of Zutphen. The firm's strategy is to build a EUR 100 mln portfolio of shopping centres over time.
Jones Lang LaSalle advised Velocity in the transaction, while DTZ Zadelhoff acted for ING RED.