CB Richard Ellis advises Irish Life in acquisition of Belgian shopping center.
CB Richard Ellis advised Irish Life, the Real Estate Investment Department of Irish Life Assurance PLC, an Irish insurance and life assurance company, in the acquisition of l’îlot Saint-Michel to ING Real Estate Investment Belgium SA.
“Despite the quieter investment market conditions, this transaction illustrates the high demand of both national and international investors for existing and cash flow producing retail opportunities” according to Maxime Xantippe, Managing Partner at CB Richard Ellis. Investment volumes in retail are mostly driven by supply and we still have a lack of products for our investors."
L’Îlot Saint Michel is a multifunctional complex including retail, offices, parking units and residential units located in the City centre of Liège, along the place Saint-Lambert.
The complex consists of 4 buildings (forming a “Retail island”) separated by small pedestrian streets integrating the shopping centre with the surrounding commercial neighborhood. The centre was developed by CODIC (a well known Developer of Brussels) and was opened in 1999.
The residential part of the complex has been sold in the past and is, as such, not a part of the current transaction. The current investment offers a total letting area of 25,551 m² and includes an additional 45 parking units.
The shopping area is occupied mainly by well know international brands (New look, C&A, H&M, Esprit) and the office space is mainly occupied by “la Régie des Batîments”, a state Organization insuring the accommodation of several federal institutions in Belgium. MAxime Xantippe adds that “Most of the retailers recently renewed their leases indicating that the centre is a successful location for them. On top, both the strong covenants (Belgian state) and anchor tenants (C&A, H&M,..) have expanded their presence in the centre"
Based on a 30-minutes drive-isochrone, îlot Saint-Michel covers a catchment area of almost 1 million inhabitants. The city centre is easily accessible from the surrounding cities by various highways passing by Liège. Also the accessibility to public transport is excellent thanks to the train station which is served by national as well as international train lines.
The Ilot St Michel shopping centre is very well located in the middle of the city centre of Liège along the Place Saint Lambert, which is the historical and the main focal point of the heart of the City. The shopping centre benefits from the surrounding commercial area, its excellent accessibility and parking facilities.
Belgium