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Remodeling of Westland Shopping center, now 100% in the hands of AG Real Estate

One of the country’s three largest shopping centres – Westland Shopping in Anderlecht – has moved from joint ownership between AG Real Estate and Redevco, to the sole ownership of AG Real Estate. Westland Shopping is currently 100% marketed to retailers mainly active in the fashion and wellness sectors. AG Real Estate say that by acquiring the part of the site they did not previously own, they can now model the centre in the way they wish. Full ownership, they point out, represents a considerable advantage in charting the necessary changes for the development of this large-scale project.

With the experience it acquired during the restructuring of City2 and The Mint, AG Real Estate has been carrying out major renovations since September 2019 to increase the capacity of Westland by 10,000 m². Westland currently has a total surface area of 37,000 m. The company says it is taking advantage of these renovations to redefine the identity of the centre, increase its attractiveness and broaden its commercial offer, particularly for Food & Beverage and Entertainment customers. There are also, in the words of AG, many advantages in this period of health crisis.

Astrid Flamand, Senior Transaction Manager Retail at AG Real Estate, explains the company’s thinking: “In addition to the current construction works, it was essential for us at AG Real Estate to implement a coherent and proactive operational management in order to turn Westland into a state of the art shopping centre. Taking this into consideration, consolidating the ownership seemed to us to be evident. Although the historical cohabitation with Redevco has always been very constructive, the finalisations of the transaction will enable us to meet the expectations of our clients and tenants and the various challenges of tomorrow in an optimal way. As an international trade specialist, Redevco very quickly came to the conclusion that this historical cohabitation was not optimal for the repositioning of Westland in a very competitive market”.

Why does Redevco, one of Belgium’s foremost shopping centre operators, wish to relinquish part ownership of such a jewel? Kristof Restiau, Managing Director of Redevco Belgium, states: “The sale of Westland Shopping Centre is an important divestment pursuant to our diversification strategy. As Redevco plans to expand its portfolio and mandates beyond retail, we have started to broaden our scope to include adjacent segments such as the mixed and residential sector. AG Real Estate has been a pleasant working partner and we look forward to the materialization of the vision we developed together for the Westland Shopping Centre.”
Tim Harrup
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