Dutch property investor Nieuwe Steen Investments (NSI) has moved outside its home market for the first time with the acquisition of a shopping centre in Switzerland. The company has reached agreement with a Swiss seller on the purchase of the Herti mall in Zug for CHF 35 mln (EUR 21 mln). NSI said the deal fits in with its internationalisation strategy, and is expected to be finalised in the first quarter of 2008.
Dutch property investor Nieuwe Steen Investments (NSI) has moved outside its home market for the first time with the acquisition of a shopping centre in Switzerland. The company has reached agreement with a Swiss seller on the purchase of the Herti mall in Zug for CHF 35 mln (EUR 21 mln). NSI said the deal fits in with its internationalisation strategy, and is expected to be finalised in the first quarter of 2008.
Developed in the 1950s, the property comprises 4,357 m2 of retail space on the first floor and 2,800 m2 of offices on the top three floors. Located on the outskirts of Zug, the property is leased to about 20 tenants including the supermarket chains Coop and Denner. The rental income amounts to EUR 1.4 mln per annum.