Westland Shopping Centre in the Brussels neighbourhood of Anderlecht may be up for sale, according to Belgian media reports.
The owner of the property, Belgian real estate company AG Real Estate, is reportedly in early talks about a potential sale with Dutch-listed real estate company Eurocommercial.
A spokesperson for AG Real Estate told PropertyEU that the company ‘does not comment on market rumours and does not want to comment on this specific subject.’
AG Real Estate and Eurocommercial are no strangers, having co-owned Woluwe Shopping Center in Brussels until Eurocommercial acquired AG's stake last year.
Opened in 1972, Westland is one of Belgium's largest shopping centres, boasting an area of 50,000 m2 and 110 stores. Its market valuation in 2023 stood at around €350 mln, however, this figure might be lower now due to decreased interest in shopping centres.
AG Real Estate acquired a majority stake in Westland in 2012 and became the sole owner in 2020 through a series of investments totaling €120 mln. In recent years, they've invested an additional €100 mln to renovate and expand the complex, including expanding the shops and parking options and creating a new 4,000 m2 leisure centre.
AG Real Estate’s shopping centre portfolio includes properties like Westland, City2, and The Mint in Brussels, alongside Galeries St Lambert in Liège and the Ghent-Zuid centre.
