Development

The Group’s portfolio of development activities is mainly focused in the Netherlands and co-managed with our Lips Development affiliate, a major developer of commercial and residential properties in the Netherlands. Lips Development is leading two landmark developments in the Dutch real-estate market: The Wall, a 65,000 square-metre retail centre engineered to serve as a motorway sound barrier (under construction) and the 111,000 square-metre vertical-city (one of Europe's tallest buildings) commercial and residential project, known as Belle van Zuylen (in planning). Both are major developments near Utrecht. Future projects, developed in close collaboration with planners and leading architects, will continue to reflect a scope and vision that incorporate local and environmental objectives, and reflect attention to long-lasting quality, thoughtful logistical planning, and outstanding design.

Canada marks a bold new geography for Lips. In 2007, independent of the Netherlands development activities, Lips formed a Canadian joint venture, with a local developer around an initial investment in a 140,000 square-meter office and commercial real-estate in Alberta.