SOURCE: Wereldhave NV

December 01, 2010 02:00 ET

Acqn. office development project in Greater Paris

THE HAGUE, NETHERLANDS--(Marketwire - December 1, 2010) -


Acquisition office development project in Greater Paris

Wereldhave has reached agreement on the acquisition of an office
building yet to be built in Joinville-le-Pont, in the Eastern periphery
of Paris. The project will be delivered by developer Icade on a turnkey
basis, with Wereldhave taking on the letting risk. The investment
volume will amount to around EUR 67 mln, which upon completion is
expected to produce a net effective yield of approximately 7.5%.

The development concerns a state-of-the-art office building of 17,670m2
net lettable area divided over seven large floor plates and two layers
accommodating 208 parking spaces. The project, designed by the renowned
architect Jean-Paul Viguier, will comply with the most recent criteria
for sustainability, amongst which the BREEAM Excellent label.
Construction is expected to start in the third quarter of 2011 with
completion scheduled for the second quarter of 2013.

The office will be built in Joinville-le-Pont, one of the wealthiest
suburbs in the East of Paris. The building is attractively located
adjacent to the Bois de Vincennes and will have a Parisian address. It
features excellent accessibility by public transport and car, as it
will border directly to a station of the RER A, the main public
transport line in Paris, linking the Eastern with the Western part and
carrying around 290 million passengers a year. In addition, the
location offers direct access to/from the 'second ring' of Paris, the
A86-highway as well as the A4-highway.


Hans Pars, CEO of Wereldhave N.V., comments:
"This investment fits well into our strategy of focusing our French
operations only on high quality, sustainable office buildings on
sustainable locations in the Paris region. The excellent transportation
links combined with the immediate proximity of the Bois de Vincennes
and its various amenities, will highly contribute to the success of
this project."


The Hague, 1 December 2010  Board of Management
Wereldhave N.V.



For further information:

Wereldhave N.V.
Richard W. Beentjes
Tel.  + 31 70 346 93 25

Information for analysts:

Wereldhave N.V.
Charles F. Bloema
Tel.  + 31 70 346 93 25
www.wereldhave.com


                    This information is provided by RNS
          The company news service from the London Stock Exchange

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