Union Investment Real Estate has signed a purchase agreement for the shopping centre 'K' located in Kortrijk, Western Flanders, Belgium. Foruminvest, the vendor and developer of the centre, remains responsible for the scheme until the opening and will remain involved in the management of the centre afterwards.
Union Investment Real Estate has signed a purchase agreement for the shopping centre 'K' located in Kortrijk, Western Flanders, Belgium. Foruminvest, the vendor and developer of the centre, remains responsible for the scheme until the opening and will remain involved in the management of the centre afterwards.
The parties agreed not to disclose the financial details of the transaction.
When completed in spring 2010 the centre will comprise 33,290 m2 of retail floor space, 20 apartments and over 1,000 underground parking places.
The retail project is centrally located in the city of Kortrijk, directly connected to the pedestrian zone. Anchor tenants are H&M, Zara, Mediamarkt and Esprit. The project will be part of the open-ended real estate fund UniImmo: Europa.
Union Investment was advised by Clifford Chance and Catella Belgium. Allen & Overy advised Foruminvest.
