Multi takes control of 2nd phase of Nieuwegein project

The Dutch business of Multi Development has acquired ING Real Estate's 50% in the development and realisation of the second phase of the expansion of the city of Nieuwegein.

Multi will continue to complete Stadskwartier Nieuwegein - one of the largest inner-city redevelopments in the Netherlands. When the second phase is finished in 2013, it will mark one of the largest urban developments in the Netherlands for a total investment of about EUR 315 mln.

Multi and ING shared the first phase of the expansion of the city that started in September 2011. Construction of the second phase will begin on 15 February 2012.

Heino Vink, CEO of Multi Corporation, said: 'We have been committed to this wonderful city heart development since 1991 and constructing from 2008 so we are very pleased to be able to continue with delivering on our promise to the people of Nieuwegein.'

The retail area of the city of Nieuwegein is being doubled to a total of 56,000 m². The first phase included 17,000 m² of shops, a parking garage and 163 owner-occupied and rental apartments. A new town hall was delivered, along with a modern theatre and arts centre and 1,100 parking spaces.

The second phase includes 15,000 m² of shops, restaurants, 38 apartments and 150 parking spaces. A shopping gallery will run from the town hall to the market, which will receive a complete makeover.