MG Real Estate, Mitiska REIM sell Belgian retail properties

Developer MG Real Estate and Mitiska REIM have both sold retail assets in Belgium.

The former sold two properties, in Ghent and Mechelen, to CBRE Global Investors for €79.6m ($87.9m).

CBRE GI bought the two city-centre properties for a separate account mandate.

The 11,454 sqm Ghent asset is anchored by Primark and H&M.

The 6,795 sqm Mechelen asset is anchored by MediaMarkt and Carrefour.

Jeroen de Grunt, portfolio director for separate accounts in Continental Europe at CBRE GI, said: “These two good-quality, multi-let, income-driven investments are well located in their respective markets in Belgium.

“Retail is a target sector for our client across Europe, but we are also investing in logistic assets and offices.”

CBRE GI is, he said, close to completing “several other acquisitions” in Germany, Hungary, Italy and Denmark.

In Mouscron, privately owned Mitiska REIM has sold a retail park from its First Retail International fund.

The Brussels-based fund manager said it jointly sold the Parc Commercial Les Dauphins asset with partner ABLI to Fidelity Worldwide Investment’s open-ended FIREF Eurozone Select retail park fund.

The Parc Commercial Les Dauphins, a 23,000 sqm modern retail park, is fully let.

The €200m FIREF fund, launched in 2013, is almost fully invested.