CB Richard Ellis was appointed co-exclusively to organise and structure the sale of two companies owning as main asset the complex Gent Zuid.
The vendor is ING Retail Property Fund France Belgium (RPFFB) which is managed by ING Real Estate Investment Management (ING REIM). The fund is selling the shopping center in Gand but will keep the shopping center in Wijnegem and the Waasland shopping center.
The buyer is Fortis Real Estate. The company bought the asset for 54.750.000 EUR (Net Initial Yield of 8,25%).
Gent Zuid comprises a shopping center of 11.262 m² (approximately 40 shops split over 3 levels), 13.990 m² offices, 18 spacious apartments and 241 private parking units. The complex was inaugurated in 1995.
The shopping Centre is ideally located at the entrance of the city of Gand and let to well known retails chain like Hennes&Mauritz, Hema, Etam or Match. It hosts approximately 3.450.000 clients/year.
The office area is fully let to PriceWaterhouseCoopers, ING Belgium and the University of the city of Gand.
Belgium