Union Investment has sold the “Les Grands Prés” shopping centre in Mons, Belgium, as part of a share deal. The buyer is the listed company Eurocommercial Properties, a Dutch property firm specialising in shopping centres. The total purchase price for 100 per cent of the shares in “Les Grands Prés” amounts to around 265 million euros. This is the largest shopping centre transaction in Belgium since 2018. The deal is expected to close on 4 November. “Les Grands Prés” was acquired in 2004 as a new-build property for around 109 million euros for the portfolio of the UniImmo: Europa open-ended public property fund.
“We have continuously developed the shopping centre over the 22-year holding period and have been able to increase turnover by more than 30 per cent since 2019 compared with pre-pandemic levels. The sale is being carried out for strategic reasons, to rejuvenate the portfolio and place greater emphasis on more fungible properties with small to medium lot sizes. It also makes a significantly positive contribution to the performance of UniImmo: Europa and improves the liquidity position,” said Roman Müller, Head of Investment Management Retail at Union Investment.
Completed in 2003, ‘Les Grands Prés’ is situated south-west of Brussels, close to the French border, and forms part of a large retail and commercial hub. It comprises around 100 shops spread over an area of 26,900 m² and is almost fully let. Between 2014 and 2016, Union Investment carried out extensive modernisation and expansion work on the shopping centre at a cost of around 70 million euros. This added 8,200 m² of retail space as well as a new IKEA store.
Union Investment was advised on the transaction by JLL and Ceusters, the long-standing centre and property manager. Linklaters and Clifford Chance acted as legal and tax advisers.
