Regulatory Filings • Oct 18, 2013
Regulatory Filings
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PRESS RELEASE Regulated information
18 October 2013, 7.45 AM (CET)
The new joint venture will develop a 32,000 sq m McArthurGlen Designer Outlet, offering the most sought-after names in luxury, designer and lifestyle fashion, as well as a wide range of cafes and restaurants, 14,500 sq m of leisure and a 6,300 sq m big-box store.
Banimmo, a Belgian real estate company active in built-to-suit developments and redeveloping obsolete buildings in its three geographical markets of Belgium, France and Luxembourg, is proud to announce a joint venture with McArthurGlen, Europe's leading owner, developer and manager of designer outlets, to jointly develop a McArthurGlen Designer Outlet together with a leisure complex in the Belgium city of Ghent.
The new 52,800 sq m GLA retail and leisure scheme is located in 'The Loop' district of Ghent, in the southwest of the city. It will include an approximate 32,000 sq m GLA McArthurGlen Designer Outlet,14,500 sq m of leisure and a 6,300 sq m big-box store, and will see an investment of more than Euro 180 million and, just for the Designer Outlet, the creation of more than 2,000 (full time and part time) jobs.
The scheme is part of a wider mixed-use project, in which Schoonmeers Bugten (majority owned by Banimmo (75%) and a minority shareholder in the public-private partnership Grondbank The Loop, the owner of several land plots in 'The Loop' district) has entered into an agreement with SoGent (real estate development entity of the city of Ghent, and the majority shareholder in Grondbank The Loop) to transfer Field 12 East and part of Field 12 West for the development of the scheme, as well as for a 6,300 sq m big-box store and 21,000 sq m of offices. The land transfer is subject to a number of conditions, including the granting of all required building permits. SoGent will not participate in the development of the two sites.
McArthurGlen Designer Outlet Ghent will offer nearly 200 stores, including the most soughtafter names in luxury, designer and lifestyle fashion, with both globally recognised local and international brands, with year-round savings of 30-70 per cent, and including a wide range of cafes and restaurants, and a children's play area. To complete the day-out experience, the scheme's 14,500 sq m of leisure will include an eight-screen multiplex cinema and a bowling alley.
Planning permission (RUP-Ruimtelijk Uitvoeringsplan and the Socio-Economic Permit) has already been granted for the scheme, with building permits expected to be delivered by mid 2014 and for works to commence on site late 2014. The scheme will be developed in two phases, with a planned opening for end of 2016.
McArthurGlen Designer Outlet Ghent will be the only designer outlet in what is one of the most densely populated and affluent catchments in Europe, with over 15 million consumers living within a 90 minutes' drive of the centre and nearly two million within 30 minutes. This makes it the second biggest catchment for a McArthurGlen Designer Outlet after the Group's very successful Designer Outlet Roermond in the Netherlands, which opened in 2001.
The scheme is in the heart of 'The Loop' district in Ghent, with direct links to the neighbouring IKEA and the Flanders Expo Centre, and near the headquarters of KBC Bank and a 170 bedroom Holiday Inn hotel. The site is located off the city's ring road, at the intersection of Belgium's two main motorways, the E17 linking Antwerp to Lille/Paris, and the E40, connecting Brussels with Bruges, and the popular weekend and summer coastal destinations, including Knokke-le-Zoute and the ferry port town of Oostende.
André Bosmans, Secretary General, Banimmo, says: "We are delighted to announce our joint venture with McArthurGlen. By working with McArthurGlen, we are able to combine our local knowledge and experience as one of Belgian's market leaders with the expertise and experience of Europe's leader in designer outlet retailing to create an unrivalled shopping and leisure destination for the people of Ghent as well as of Belgium, and visitors to the area.
"The development of a McArthurGlen Designer Outlet together with a leisure complex represents a new milestone for Banimmo given the size, level of investment and the jobs created. It is also a new milestone in the redevelopment of The Loop district,
a redevelopment first started by SoGent and Banimmo ten years ago, and which has since seen the completion of the ring-road, the sale of a land plot to IKEA and the development of a built-to-suit office building for the Flemish environment agency (VMM) on Field 5 East."
Pieter Van Voorst Vader, Development Director, McArthurGlen, says: "The site in Ghent in 'The Loop' district presents an unmatched opportunity given the size of the catchment, the affluence of the area and the huge tourism potential. The location is unbeatable, with great access by car, by public transport with a designated tram stop on the doorstep and good access by bicycle too. We are already seeing a very strong interest from our brand partners to open at the centre, as well as from well-known aspirational Belgian brands."
Like McArthurGlen's Designer Outlets across Europe, the design of the centre will reflect the rich local heritage embedded in contemporary architecture: it will be in the form of an open-air village with pedestrian-friendly walkways, tree-lined streets, covered arcades and luxury piazzas, creating a dynamic and vibrant shopping environment, which will also include McArthurGlen's signature calendar of on-site events and activities, designed to engage the whole family.
The centre will offer approximately 3,000 underground car-parking spaces, built directly below the centre and managed by Mobiliteitsbedrijf (division of the city in charge of the transport and parking in Ghent), with customers also having access to an additional 10,000 car-parking spaces in the area. A new tram stop in front of the centre will mean it will take only 15 minutes to travel from the heart of the city and central train station by public transport. The centre is also accessible by cyclists, who will be able to use the docking stations in the area of the scheme.
The excellent transport links and proximity to the centre of Ghent makes the centre perfectly placed to provide a major shopping attraction for the 13 million tourists who visit the Flanders region each year, including the one million who visit Ghent and the 1.7 million who visit Bruges, just 35 minutes away.
Anthony Rippingale, Head of Tourism, McArthurGlen, says: "Tourism is an increasingly important part of our core business given that shopping is one of the favourite activities of tourists visiting Europe, whether for leisure or business. At our Ghent Designer Outlet, we expect to welcome not only tourists from across Europe, but also from longer-haul destinations, such as Russia, China and South-East Asia. We have seen sales to these discerning
Banimmo partners with McArthurGlen cont …
global shopping tourists at our 20 Designer Outlets across Europe quadruple over the threeyear period till end of June 2013, such is their love of shopping when they come to Europe, especially at a McArthurGlen centre."
McArthurGlen has developed nearly 600,000 sq m of outlet retail space across Europe, and manages 20 McArthurGlen Designer Outlets in eight European countries, with new centres under way or in planning in Vancouver and the South of France. Earlier this year, Simon Property Group Inc, the world's largest retail development group, became a joint venture partner with Kaempfer Partners of McArthurGlen Designer Outlets, bringing a new level of financial strength as well as building on McArthurGlen's already strong partnership network with the most sought-after luxury and designer brands.
André Bosmans, Secretary General, Banimmo Tel: +32 2 710 53 51 Email: [email protected]
Pieter van Voorst Vader, Development Director, McArthurGlen Tel: + 44 20 7535 2451/+ 44 777 065 7627 Email: [email protected]
McArthurGlen Group, Europe's leading owner, developer and manager of designer outlets, was founded in Europe by Kaempfer Partners in 1993. The pioneer of designer outlet retailing in the region, McArthurGlen has since developed nearly 600,000 sq m of outlet space, with a current value of over Euro3 billion, and manages 20 McArthurGlen Designer Outlets across eight countries: Austria, Belgium, France, Germany, Greece, Italy, the Netherlands and the UK. The centres are home to the most sought-after luxury, designer and high-street brands, and offer fashion-savvy customers year-round savings of 30-70% in a vibrant shopping environment. In 2013, McArthurGlen became a joint venture between the world's largest retail developer, Simon Property Group, and Kaempfer Partners. As part of its on-going expansion, the first McArthurGlen Designer Outlet in North America is due to open in Vancouver in 2015. For more information, please visit www.mcarthurglengroup.com.
Banimmo, a real estate company for repositioning and redevelopment, acquires buildings that have a high potential for redevelopment in order to re-sell them after transformation. The company is also specialized in the development of built-to-suit buildings meeting the highest sustainability and energyefficiency norms. The company, which is active in Belgium, France and Luxembourg in the office, retail and semi-industrial sectors, as well as in conference and exhibition centres, has its headquarters in Brussels. Its subsidiary, Banimmo France, covers the French market from its headquarters in Paris. The company has 30 employees. Until now, Banimmo has invested in around 24 real estate properties representing a total value of more than € 396 million. Belgium constitutes the predominant market, with 62% of the portfolio in terms of market value, with France representing 38%. The portfolio is continually evolving thanks to the ongoing repositioning and to the high rotation of the assets. Banimmo is listed on Euronext Brussels. Currently the company is held by the SIIC Affine (49.51%) and the management (24.9%). The remainder (25.59%) is in public hands.
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