JLL advised on the sale of Woluwe Shopping Centre – the largest single asset sale in the Belgian real estate market history
JLL is delighted to announce the signing of a binding contract related to the sale of Woluwe Shopping Centre by “l’Investissement Foncier Woluwe Shopping Centre” and “l’Investissement Foncier Woluwe Extension”.
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 was 100% let over the past 20 years. Since its opening, the Woluwe Shopping Centre has been the reference within the Belgian Shopping Centre market.
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 an approximate €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.
The simultaneous sale concerns the assets owned by “l’Investissement Foncier Woluwe Shopping Centre” and “l’Investissement Foncier Woluwe Extension” for an overall gross investment amount of around €468 million.
According to Adrian Glatt, JLL’s Head of Capital Markets Belux: “One year ago, our Capital Markets team at JLL was extremely honoured to be appointed by the Seller to organize and structure the sales process of this well-known Shopping Centre. Twelve months later and after a very smooth but very competitive and professional process, we are proud to have accompanied the Seller. 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”.
“It was a real pleasure to work on this transaction, which will be –according to our data– the largest single asset sale in the Belgian real estate market history.”