Eurocommercial buys Brussels shopping center

amsterdam (afn) - Eurocommercial Properties takes over the Woluwe shopping center in the Brussels municipality of Sint-Lambrechts-Woluwe. This involves an investment of a total of 468 million euros. The transaction, which has been exclusively negotiated since October, is expected to be completed at the end of next month.

This involves an investment of a total of 468 million euros. The transaction, which has been exclusively negotiated since October, is expected to be completed at the end of next month.

Woluwe opened its doors in 1968 and, according to Eurocommercial, is one of the best-known shopping centers in the Belgian capital. Every year, 6.5 million people shop at locations such as Zara, Massimo Duti, H \u0026 M, Zara Home, Superdry, Nespresso and C \u0026 A.

Eurocommercial sees considerable room for an increase in the number of visitors, turnover and rental income. The company has plans for a modest refurbishment, followed by a substantial expansion. Permits are still required for this.

For the purchase and additional investments, Eurocommercial uses the proceeds from the sale of assets, totaling 367 million euros. In addition, a loan with a term of one and a half years has been concluded with ABN AMRO and ING, half of which will be converted into a mortgage for seven years.