The project is a Retail Park for big box retailers.
Think
The project is a Retail Park for big box retailers. Plein Westermaat is located north of the city of Hengelo. The visibility and accessibility of the project are outstanding, as it is located alongside the A1 motorway.
Size:
The project consists of some 68,000 m² GLA retail and about 1,000 m² of restaurant facilities.
Make
Phase:
Plein Westermaat consists of three phases, of which two have already been developed. Phase 1 and 2 each consist of 25,000 m² GLA. The first phase opened in the autumn of 2003 and the second phase opened in the spring of 2004. A third phase of some 18,000 m² is scheduled for construction in 2008.
The making of:
The architect of Plein Westermaat is Mecanoo Architecten of Delft. The construction partner was a company of the Wessels Group.
Care
The making of:
The architect of Plein Westermaat is Mecanoo Architecten of Delft. The construction partner was a company of the Wessels Group.
Property and park management:
TCN Management acts as property and park manager.
| Name |
| Retail Park Plein Westermaat |
| Platform |
| Plein Westermaat |
| Address |
| Plein Westermaat Hengelo |
| Country |
| The Netherlands |
Purchase date:
2002 (Phase 2) - 2008 (Phase 3)
Investment date:
2004 (Phase 2) - 2012 (Phase 3)
Partners:
TCN Retail developed the project in close cooperation with Pricoa, who acted as equity partner. The project was developed in close cooperation with the municipality of Hengelo.
Investment strategy:
Create new build out-of-town retail park in two phases
Debt financing:
Aareal Bank financed Phase 2 development
Investment value:
Total value € 66 million
Plein Westermaat