VASTNED BUYS IN TONGRES

[BIZ: Tongres, January 6]
Intervest Retail, a 72.5% subsidiary of Vastned Retail, has a purchase agreement for the 8,900m2 Julianus shopping center in Tongres. The developer and vendor of the project is IBC Vastgoed, a subsidiary of Heijmans Belgium. The project on the Maastrichtstraat, the main shopping street in Tongres, is part of the redevelopment of the former hospital, turning it into shops, a hotel, and also building new shops, apartments, and underground parking.

Intervest has bought the shopping part, with 22 shops and a supermarket. Twenty-eight percent of the shops are rented to national and international chains such as Kruidvat, JBC, Torfs, Esensa, and Bell company. Negotiations are ongoing for the remaining stores. The total investment is EUR 18m and the initial gross revenue is 6.9%. Construction started at the end of October 2005 and completion is forecast for Q4, 2007.
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