Nieuwe Steen acquires Swiss shopping centre for EUR 47m

By A staff reporter 2008-11-05T00:00:00+00:00

Netherlands-based Nieuwe Steen Investments (NSI) has acquired the Perolles Centre shopping centre and apartments in the Swiss city of Fribourg for EUR 47 mln.

Netherlands-based Nieuwe Steen Investments (NSI) has acquired the Perolles Centre shopping centre and apartments in the Swiss city of Fribourg for EUR 47 mln.

Built in the late 1990s in the heart of the city, the centre comprises 8,900 m² of retail space, 59 apartments and underground parking for 275 places. The annual rental income comes to EUR 3.3 mln, reflecting an initial yield of 7%. NSI said the transaction lifts its portfolio in Switzerland to EUR 100 mln. Johan Buijs, CEO of NSI, said: 'Further growth of the Swiss portfolio is desirable for reasons of efficiency and recognisability in the Swiss real estate market. It turns out that it is still possible to raise debt on the Swiss capital market at attractive conditions'.