ING, Gillion family sell Brussels mall for EUR 62m

ING Real Estate Development and the Gillion family have sold Brussels' Toison d’Or Gallery shopping centre to the M&G Property Fund managed by Prupim, part of the UK's Prudential financial services group. The transaction price amounted to EUR 62 mln.

Both parties held a 50% share in the centre.

The Gillion family originally developed Toison d’Or Gallery in the late 1960s. ING acquired its stake in 2007 to support a major redevelopment of the shopping centre. The redevelopment transformed the somewhat dated original layout of the complex into a more contemporary commercial mall and opened its doors in May 2010.

Toison d’Or Gallery is located in the Haut de la Ville (upper-town) shopping area of Brussels. The Gallery consists of 12,350 m² of retail space and 2,200 m² for storage. Anchor tenants include Fnac, Tommy Hilfiger, Desigual, AS Adventure , Maxi Toys and Esprit.

Hein Brand, CEO at ING Real Estate Development said: 'This marks the successful conclusion of ING's involvement in Toison d’Or Gallery. Five years ago we were asked as partner in the redevelopment of the shopping centre and we can now look back with satisfaction at what was achieved in turning a rundown asset into an attractive local landmark.'

The deal follows ING's recent announcement on the sale of the ZloteTarasy mixed use development in Warsaw and forms part of the ongoing strategy of reducing ING’s exposure to real estate.

CBRE acted on behalf of ING and the Gillion family, Cushman & Wakefield Investors and Cushman & Wakefield advised Prupim.