ING and Gillion Family sell Toison d’or Gallery Shopping Centre in Brussels for €62 million
3 May, 2012, Brussels
ING Real Estate Development and the Gillion family have sold Brussels' Toison d'Or Gallery shopping centre to the M&G European Property Fund Managed by PRUPIM, part of the UK's Prudential financial services group. Both parties held a 50% share in the centre.
The Gillion family originally developed Toison d'Or Gallery in the late 1960's. ING acquired its stake in 2007 to support a major redevelopment of the shopping centre. The well-regarded redevelopment, opened its doors in May 2010 transformed the somewhat dated original layout of the complex into a more contemporary commercial mall.
Toison d'Or Gallery is located in the Haut de la Ville (upper-town) shopping area of Brussels, between the luxury retail outlets of the Avenue Louise and the boutique shopping areas of Rue de Namur, chaussée d'Ixelles and Boulevard de Waterloo. The Gallery consists of 12,350 GLA retail and 2,200 GLA storage divided over 40 units. Anchor tenants include Fnac, Tommy Hilfiger, Desigual, AS Adventure, Maxy Toys and Esprit.
Hein Brand CEO at ING Real Estate Development said : 'This marks the successful conclusion of ING's involvement in Toison d'Or Gallery. Five years ago we were asked to partner in the redevelopment of the shopping centre and we can now look back with satisfaction at what was achieved in turning a rundown asset into an attractive local landmark. The deal follows our recent announcement on the sale of the Zlote Tarasy mixed use development in Warsaw and forms part of the ongoing strategy of reducing ING's exposure to real estate'.
Arnaud de Bergeyck, Partner at Cushman & Wakefield said : 'This major acquisition in the Brussels up-town area emphasis the increase of interest from both investors and retailers for this part of Brussels. The Brussels up-town area is performing very well and the arrival of new retails such as Abercrombie & Fitch, Superdry, Cos, Burberry, Bose, etc. has strengthened the diversity of the retail offer in the area. In addition, new retail developments such as 'Le Toison d'Or' and 'The Hotel' will further reinforce the Brussels up-town area as a whole with even more footfall and spending power expected'.
Cushman & Wakefield Investors and Cushman & Wakefield advised PRUPIM on this transaction.
For further information, please contact:
Jef Van Doorslaer
+32 2 510 0818