Amsterdam-listed property company Nieuwe Steen Investments (NSI) has acquired Zuiderterras, part of the shopping centre Zuidplein in Rotterdam, from IVG Institutional Funds for EUR 24 mln.

NSI's stake in the largest covered shopping centre of the Netherlands increases to over 30% through the acquisition. The transfer of ownership took place on 28 December 2010.

Zuiderterras comprises of 8 stores, including Media Markt-Saturn and Bristol, with a combined retail surface of over 10,000 m2 and an underground car park. Zuiderterras is almost fully let. Recently, a number of tenants prolonged their leases and this results in an average weighted duration of the leases of 6 years. Rental income is approximately EUR 1.8 mln per year which leads to a gross initial yield well above NSI's target for shopping centres of 7%. NSI said that it can add additional value to the acquisition through its own pro-active property management.

Shopping centre Zuidplein in Rotterdam comprises 55,000 m2 retail surface and 155 stores is the largest covered shopping centre of the Netherlands. It attracts 12 million visitors annually and surveys have shown that these visitors are satisfied to a level well above average.