Provestel - Cushman & Wakefield

Provestel buys Belgian retail portfolio for €45m

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Private investor Provestel has signed Belgium's largest commercial real estate deal so far this year with the purchase of a portfolio of seven stores from Dutch property group Redevco.

The transaction price amounts to €45 mln.

The package provides 50,500 m2 of total space leased to a number of retailers including Match, Carrefour, McDonalds, H&M, and C&A.

Right after signing the deal, Provestel sold two of the sites to an undisclosed buyer.

Cushman & Wakefield brokered the transaction. 'Investor demand for quality retail space remains substantial given the volatility of the stock market, on the one hand, and the low profitability of the savings account, on the other hand,' commented Bart Joosten of C&W Belgium.

Contacts

Allison Baete

Graphic Designer

Brussels, Belgium

Phone +32 2 514-4000

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