CBRE Global Investors (CBRE GI) says it has closed the largest Belgian retail property transaction of 2016 with the acquisition of Médiacité shopping centre in city of Liège.
Although CBRE did not disclose the investment volume, Belgian media sources suggested the price was in the region of €250 mln.
CBRE GI acquired the shopping centre on behalf of a 50/50 joint venture between CBRE European Shopping Centre Fund II and the CBRE Global Alpha Fund. The seller was Belgian property company Wilhelm & Co, which will remain the property manager for the new owners.
CBRE Global Investors was advised by Loyens & Loeff and Ceusters-SCMS. Wilhelm & Co was advised by Allen & Overy.
Médiacité comprises 110 units over 47,707 m2 and 2,350 parking spaces. The shopping centre is located in the city centre of Liège, Belgium's third largest city with 617,000 inhabitants and attracts over nine million visitors per year. The centre is anchored by tenants such as Delhaize, Primark, H&M and Media Markt.
Developed in 2009, the centre consists of two floors and is seen as a symbol of the city's revitalisation within a bigger urban redevelopment project. The Ron Arad-designed mall connects the original supermarket-based shopping centre with the new fashion anchors next to the Belgian national television centre. The centre is also connected to an ice skating rink and in the future an adjoining cinema will be developed.
Florencio Beccar, head of retail EMEA, CBRE GI, commented: 'Médiacité is a dominant regional shopping centre located in one of Europe’s most stable markets where the provision of shopping centres is limited. The asset is well placed for rental growth and presents a number of asset management opportunities that are expected to produce excess returns.'
CBRE Global Investors is a major investment manager of retail property in EMEA with €14.5 bn of retail assets under management, comprising 633 retail assets - including 74 shopping centres - across 16 countries and over 6,800 retail tenants.
