Eurocommercial to acquire Woluwe mall in Brussels for €468m

Eurocommercial has plans to acquire Woluwe shopping center in Brussels for €468 million ($551 million).

The acquisition complements Eurocommercial’s commitment to continually upgrade its portfolio of high-quality shopping centers, and diversifies its country exposure with its re-entry into the Belgian market via a tax-efficient REIT.

Woluwe is the best-known shopping center in Brussels, first developed in 1968. It is situated in one of the wealthiest suburbs of the city. It attracts 6.5 million visitors each year. The shopping center is let to major international brands, including Zara, H&M, Superdry, Calvin Klein and C&A.

Eurocommercial has plans to expand the center with an additional 107,000 square feet.

A total of approximately €162 million ($191 million) was transacted in the retail market during the first quarter 2017 bringing the half-year volume to €264 million ($311 million), still below the half-year average volume over the last