M&A Activity • Mar 31, 2015
M&A Activity
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Regulated information – embargo till 31/3/2015, 7.30 am
Schuttershofstraat 22, continuing into Kelderstraat (picture)
Antwerp, 31 March 2015. Regulated real estate company Vastned Retail Belgium has acquired a premium city high street shop in the heart of Antwerp, located on Schuttershofstraat 22, continuing into Kelderstraat. Joined together with the already existing building in portfolio on number 24 it forms an entity of 220 m² on the ground floor and of 310 m² on the first floor. Herewith Vastned Retail Belgium can respond to the increasing demand for larger commercial spaces from luxury retailers. On number 30 Vastned Retail Belgium will soon welcome the leading Italian fashion brand Manilla Grace. The street is clearly in demand among leading retailers in the top segment.
Schuttershofstraat is a luxury shopping street in Antwerp with retailers such as Hermès, Gucci, Jimmy Choo and Chanel. The acquired shop is located beside Schuttershofstraat 24, already owned by Vastned Retail Belgium, and leased to the Belgian high-end fashion retailer Terre Bleue. With the acquisition of Schuttershofstraat 22 it is possible to join these two units together in order to create a unique commercial space of nearly 220 m² on the ground floor and 310 m² on the first floor. Herewith Vastned Retail Belgium can respond to the increasing demand for larger commercial spaces from luxury retailers. In addition to Schuttershofstraat 22 and 24 Vastned Retail Belgium also owns Schuttershofstraat 30 and 32, leased respectively to the French lingerie brand Pain de Sucre and the exclusive Belgian jeweller Slaets. On number 30 Vastned Retail Belgium will soon welcome the Italian fashion brand Manilla Grace after the departure of Pain de Sucre. The lease agreement with Slaets was recently renewed. Both lease agreements show clearly that this location is in demand among leading retailers in the top segment.
Vastned Retail nv, the Dutch majority shareholder of Vastned Retail Belgium, has also acquired an inner-city shop located on Korte Gasthuisstraat 17, which is leased long-term on market term to one of the new brands of H&M, namely "&- Other Stories". This inner-city shop has a commercial space of nearly 1.100 m² over two floors (700 m² on the ground floor and 400 m² on the first floor). Korte Gasthuisstraat is one of Antwerp's popular shopping streets with retailers such as Superdry, COS, Scotch & Soda and SuperTrash. Korte Gasthuisstraat 17 is in the middle of this well-known shopping street. Besides Korte Gasthuisstraat 17, Vastned Retail Belgium owns
Korte Gasthuisstraat 27, leased to the Belgian high-end fashion retailer Terre Bleue.
Korte Gasthuisstraat 17 has been acquired through Vastned Retail nv instead of Vastned Retail Belgium to prevent that the share of H&M in the portfolio would exceed 20% of rental income which is not allowed pursuant to article 30 § 1 of the Act of 12 May 2014 on regulated real estate companies.
These unique inner-city shops were bought from a private investor. CBRE advised in this transaction.
"Vastned Retail Belgium is confident that it will be able to expand further this year its real estate portfolio in the historical inner-city and more precisely on Schuttershofstraat", thus Jean-Paul Sols, CEO.
Gasthuisstraat 17
About Vastned Retail Belgium. Vastned Retail Belgium is a public regulated real estate company under Belgian law, the shares are listed on Euronext Brussels (VASTB). Vastned Retail Belgium invests exclusively in Belgian commercial real estate, more specifically in inner-city shops on prime locations and in high qualitative retail warehouses. The RREC intends to achieve a 75% investment in inner-city shops.
VASTNED RETAIL BELGIUM SA, public regulated real estate company under Belgian law, Jean-Paul Sols - CEO or Inge Tas - CFO, tel: + 32 3 287 67 87, www.vastned.be
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