Prime Development, an Antwerp-based retail developer and asset manager, has acquired the M2 Shopping Center in Maasmechelen, Belgium, from Brussels-based peer La Societé Générale Immobilière de Belgique (LSGIB).
The 24,500 m2 property changed hands for €25.3 mln, according to Cushman & Wakefield, which brokered the transaction.
C&W said the deal is the largest out of town retail transaction of 2024 to date and ‘underscores the continued robust appetite for core-plus and value-added retail assets among investors’.
Opened in 2002, the M2 Shopping Center has more than 30 local and international tenants. It is located close to the Leisure Valley, Terhills, and the Maasmechelen Outlet Village, and has a number of adjacent out-of-town retail shops.
Victoria Tanret, partner and head of capital markets retail at Cushman & Wakefield, said: ‘This transaction highlights the growing interest in retail properties that offer both stability and opportunities for value enhancement.
‘With its strategic location, strong tenant mix and potential for further development, M2 Maasmechelen stands as a testament to the enduring strength of well-positioned retail assets in today’s market.’
