Retail Estates growth via acquisition of 27 shops from Kaesteker family

Spotted in @tijd

In the late 1970s, the Kaesteker family founded Mode shops, being so pioneer in the expansion of retail warehouses. Via Shopinvest, the investment vehicle of the family, they are now exchanging 27 stores for a 4.4 percent share in the listed retail property group Retail Estates. This represents a capital increase of 35.9 million Euros for Retail Estates.

The 27 retail properties are spread over 17 sitesalong major roads, most of them in Flanders. “The stores are all located in the clusters where we are already present and demand for these peripheral stores has increased strongly, despite corona” explains Jan De Nys, CEO of Retail Estates.

Growth of retail warehouses market share

This increase in demand is also related to historically low rents. At the moment, tenants pay € 91/m² for a property against the normal price of € 110 to 125/m². In the city centers, retail rents are ten times higher than in the periphery. For example in the Rue Neuve in Brussels, the rent rises to 1,000 to 2,000 Euros per square metre”.

Hans Van Rijckeghem , CEO of Shopinvest specifies: “The Kaesteker family believes in the continued success of retail warehouses. We also want to diversify their portfolio away from clothing stores.

Read more in De tijd report [ Familie Kaesteker ruilt 27kledingwinkels ‘e5Mode' in voor stukje van 'duizend andere winkels' ] >>