CBRE Global Investors has closed the largest retail transaction in Belgium in 2016 with their investment in Mediacité shopping center in Liege, Belgium. The seller is Wilhelm & Co, who will remain the property manager in the newly formed joint venture.
The 47,707 sqm shopping centre comprises of 110 units and includes 2350 parking spaces. The shopping centre is located in the city centre of Liège, Belgium’s third largest city with 617,000 inhabitants and attracts over 9 million visitors per year. The centre is anchored by tenants such as Delhaize, Primark, H&M and Media Markt. The asset has been acquired in a 50/50 joint venture on behalf of the CBRE European Shopping Centre Fund II and the CBRE Global Alpha Fund.
The centre was developed in 2009, consists of 2 floors and is seen as a symbol of the city’s revitalization within a bigger urban redevelopment project. The iconic Ron Arad designed mall connects the original supermarket based shopping centre with the new fashion anchors next to the Belgian national television centre. The centre is also connected to an ice skating rink and in the future an adjoining cinema will be developed.
Florencio Beccar, Head of Retail EMEA, CBRE Global Investors, commented: “Mediacité is a dominant regional shopping centre located in one of Europe’s most stable markets where the provision of shopping centres is limited. The asset is well placed for rental growth and presents a number of asset management opportunities that are expected to produce excess returns. We look forward to working with our minority partner Wilhelm & Co in the years to come”
Piet van Poppel, Country Manager Belgium, CBRE Global Investors, added: “The acquisition of Mediacité in Liege is a rare opportunity in the Belgian market. The centre has strong operating performance and there is significant upside potential through the leasing of the existing vacancy and renewal of the leases expiring in the near future.“
CBRE Global Investors is one of the leading investment managers of retail property in EMEA with €14.5 billion of retail assets under management, comprising 633 retail assets (of which 74 are shopping centres) across 16 countries and over 6,800 retail tenants.
CBRE Global Investors was advised by Loyens & Loeff and Ceusters-SCMS. Wilhelm & Co was advised by Allen & Overy.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with EUR 78,2 billion in assets under management* as of 30 September 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
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CBRE Global Investment Partners(GIP) is a trading name of CBRE Global Investment Partners Limited which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA). CBRE Global Investment Partners Limited obtained its Alternative Investment Fund Managers Directive (AIFMD) licence from the FCA on 19 May 2014 and is the alternative investment fund manager (AIFM) for the CBRE Global Investment Partners Global Alpha Fund Series FCP-SIF (Global Alpha), which is an alternative investment fund (AIF). The FCA granted CBRE Global Investment Partners Limited a marketing passport to market the Global Alpha fund to professional investors in the following EEA countries : Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, Sweden & the United Kingdom. The sale of units in Global Alpha to other relevant EEA member states is highly restricted and may be unlawful.