Dutch listed closed-end real estate investor NSI and private development group Multi have signed an agreement with the city of Deventer for the redevelopment and extension of the Keizerslanden shopping centre. The total investment will amount to EUR 25 mln.

The signing follows the reaching of an agreement in principle with the municipality in November 2010.

The project - part of the city's regeneration plans for the Keizerslanden district - will involve the redevelopment of the shopping centre, including an expanded range of shops, the addition of 40 newly developed residential units, additional public parking spaces and the renewal of the public area. The plan will lead to a new bustling district centre and a meeting place together with the nearby Keizerspark, the companies said in a statement on Wednesday.

NSI and Multi will jointly execute and realise the redevelopment of the shopping centre. Multi will develop and realise the residential units on the instructions of housing corporation ieder1. The municipality of Deventer is responsible for the public area.

Delivery of the first stage is expected in the autumn of 2013 and the total plan will be completed by the end of 2014.