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Woluwe sale raises the bar

It is not unusual for the Brussels real estate market to close a year with one of the biggest transactions of the year in question. If 2018 is to do the same, the end of year deal is going to have to be something extraordinary. This is because real estate advisor and broker JLL has announced, right here at the beginning of the year, the largest single asset sale in Belgian real estate market history, with an overall gross investment amount of around €468 million. This is the signing of a binding contract for the sale of Woluwe Shopping Centre. In the coming weeks, after the effective purchase, the Shopping Centre will be sold to Eurocommercial Properties Belgium SA, a 100% (incorporated) subsidiary of Eurocommercial Properties N.V.

With some 130 retail units currently spread over two levels, this strategically located Shopping Centre has been 100% let over the past 20 years. Woluwe first opened its doors in 1968 as a single storey mall, and a two-level rotunda extension with adjacent parking was added in 1989. It currently has 46,000m² gross lettable area. Eurocommercial believes that there is considerable scope for increasing footfall, turnover and rents at Woluwe and it is expected that an extension of about 10,000m² will receive consent in due course.

Eurocommercial Properties N.V. is a property investment company specialized in retail properties, founded in 1991 and listed on the Euronext Amsterdam Stock Exchange. With a portfolio of approximately €4 billion portfolio under management (mostly located in France, Italy and Sweden), Eurocommercial is now one of the key players within the Shopping Centre management and investment market in Europe.

Adrian Glatt, JLL’s Head of Capital Markets Belux, comments: “This transaction shows once again that if you have a well-managed asset with strong fundamentals, given the current European Real Estate market, this will lead to a success story”.
Tim Harrup

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