Fortis Real Estate has acquired the Gent Zuid mixed-use complex in Ghent, Belgium from ING Real Estate Investment Management Belgium (ING REIMB). The financial details of the transaction were not disclosed.
Fortis Real Estate has acquired the Gent Zuid mixed-use complex in Ghent, Belgium from ING Real Estate Investment Management Belgium (ING REIMB). The financial details of the transaction were not disclosed.
The sale involved Fortis Real Estate purchasing all the shares in the partnerships Urbis and Burlington which were joint owners of the asset.
Gent Zuid comprises 11,260 m2 of retail space, 13,990 m2 of offices, 18 residential units and 241 underground parking spaces.
The complex was part of the ING Retail Property Fund France Belgium, a non-listed real-estate fund of ING Real Estate Investment Management. As of 1 October 2009, Fortis Real Estate will take over the management of both partnerships as well as the management of the real estate complex.
ING REIMB was advised by CB Richard Ellis and Cushman & Wakefield as the commercial real estate agent. During the transaction Cushman & Wakefield acted as the commercial advisor and Linklaters as the legal advisor. Fortis Real Estate has been legally advised by Loyens & Loeff.
