Retail Portfolio Sold in Belgium

Retail Portfolio Sold in Belgium

Commercial News » Done Deals | By WPC Deals Team | July 2, 2013 2:28 PM ET

Bermaso, an Antwerp-based private investor has purchased a retail portfolio consisting of a shopping center in Bruges as well as four high street retail properties from Aberdeen Asset Management, for an undisclosed amount. 

The 4,353-square-meter shopping center, Zilverpand, was sold through an asset deal, transferring the leasehold on the shopping complex. The complex consists of 27 retail units with Tommy Hilfiger, Bart Smit, McGregor, KBC, Pepe Jeans, Planet Parfum and Ulla Popken as tenants. The complex was fully renovated from 2004 to 2006. 

Done-deals_Bermaso_Caroline-Biss.jpgThe four retail properties were sold through a share deal. The properties include Grand Optical (Huidevetterstraat 5, Antwerp), R95th (Groendalstraat 19, Antwerp), Caroline Biss (Lange Steenstraat 1, Kortrijk) and River Woods (Antwerpsestraat 15, Lier). 

The purchase by Bermaso represents the highest profile retail investment transaction for the Belgian property market this year, according to Cushman & Wakefield, which advised on the deal.

Retail has outperformed all other property segments in Belgium in terms of investment volume, with €890 million invested in 2012, of which €179 million was invested in high street retail, Cushman & Wakefield says. In the first half of 2013 some €163 million has already been transacted in high street deals in Belgium.

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