NSI acquires retail passage from Unilever pension fund

Amsterdam-listed real estate firm Nieuwe Steen Investments (NSI) has acquired the Sterpassage, part of shopping centre 'In de Bogaard' near The Hague from the 'Progress' pension fund for EUR 38.7 mln. The gross contractual rent for Sterpassage comes to EUR 3 mln, reflecting a higher yeild than NSI's target of 7%.

The transfer of ownership took place on 30 June.

NSI raised EUR 55 mln through the issue of new shares in early June to help finance planned acquisitions. The purchase of the Sterpassage is being partly funded by the proceeeds of the share issue.

In de Bogaard comprises 180 shops over 90,000 m² and is one of the largest shoppign centres in Europe. Sterpassage consists of 44 shops over 10,500 m². The retail area was entirely renovated in 1994 and is almost completely let.

'Progress' is the pension fund of consumer products giant Unilever. The pension fund is currently divesting its direct property holdings as it is now focusing exclusively on indirect investment.