Multi and ING get EUR 72m financing for Dutch redevelopment project

Multi Vastgoed and ING Real Estate Development (RED) have ecured EUR 72 mln in funding from ING Real Estate Finance (REF) for the first phase of the redevelopment and expansion of the centre of Nieuwegein, a suburb of the Dutch city of Utrecht..

ING RED and Multi Vastgoed, the Dutch division of Multi Corporation, intend to more than double the available retail space in the centre of Nieuwegein to 56,000 m². The Cityplaza offers 28,000 m² for shops, cafes and restaurants. The two developers intend to redevelop 7,000 m² of this space and add a further 35,000 m² of new space.

The shop units in the 'Stadskwartier' centre will be owned by Amsterdam-listed retail property group Corio. Aside from three blocks of retail property, Multi Vastgoed and ING RED will also develop 198 residential units.

Construction of phase 1 of the redevelopment begins in May and delivery is expected in 2011.