Belgian real estate investor Bruvaco has purchased the renowned Galerie Toison d'Or shopping arcade in Brussels from an institutional investor.
Although there is no official confirmation of the acquisition price, it is said to be around the €50 mln mark.
This change in ownership marks a significant moment for the historic landmark, returning it to Belgian hands after a decade.
Situated in the heart of Brussels' upper city, Galerie Toison d'Or benefits from a prime location, connecting the popular shopping streets of Guldenvlieslaan and Elsensesteenweg in the upper city of Brussels.
Its origins date back to 1959, when the Gillion family acquired plots of land to build the arcade. In 2004, they partnered with Dutch banking group ING, selling a 50% stake.
Following major renovations in 2010 that cost €20 mln, the gallery reopened its doors, offering a modern shopping experience with 15,000 m2 of retail space. In 2012, UK investor M&G took over, and from 2018 to 2022, implementing a comprehensive rebranding effort, revamping both the facade and interior.
Galerie Toison d'Or stands as a vibrant retail hub, welcoming over 3 million visitors annually. Its 60-meter facade along Guldenvlieslaan houses approximately 40 shops, including popular brands like Fnac, Tommy Hilfiger, and Maisons du Monde.
The new ownership plans to increase the occupancy rate, currently standing at 80-85%, and optimize management to reduce costs.
Bruvaco was assisted by Cushman & Wakefield's Capital Markets Retail team.
