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| Nieuwe Steen Investments acquires properties in Switzerland  Nieuwe Steen Investments, a real estate investment company, based in the Netherlands, reached agreement regarding the acquisition on two properties in the center of Fribourg, Switzerland, with an investment volume of CHF 74.8 millions (EUR 46.8 million) excluding purchase costs. The acquisitions are expected to be finalised by mid-2008. With these investments the total international portfolio amounts to CHF 155.2 million (EUR 98.3 million). The historic City of Fribourg has a population of about 37 000 and is located 30 kilometers southwest of Bern, in the French part of Switzerland. The City of Fribourg plays a significant regional role. The Pérolles Center shopping Center developed in the late nineties, is located in the heart of Fribourg and consists of 8900m˛ retail, 59 apartments and an underground car park with 275 parkings lots. The rental income amounts aprox. CHF. 4.6 millions (EUR 2.9 million). The anchor tenant Migros occupies approx. 60% of the retail area on a long term lease. Denner supermarket is another main tenant. The 59 apartments are fully occupied.The second acquisition concerns The Pérolles 2000 retail and office complex, which is located nearby Pérolles Center. The fully occupied complex (built in 2000) with 2267m˛ includes approx. 920m˛ of retail area ans 15 parking lots on behalf of the office tenants. The main tenant of the retail space is well established restaurant with a long-term lease. The office space has been mainly let to Vivao Sympany insurance brokers. The rental income of Pérolle 2000 amounts to aprprox. CHF. 600'000 ( EUR 380.000) write your comments about the article :: © 2008 Construction News :: home page |