Wereldhave Belgium has acquired full ownership of shopping centre Kortrijk Ring in the Belgian city of Kortrijk.
Wereldhave Belgium has acquired full ownership of shopping centre Kortrijk Ring in the Belgian city of Kortrijk.
The company had acquired 11,000 m2 of the shopping centre from Dutch property company Redevco in August and now owns the leasehold on the full 22,000 m2.
The latest transaction brings the total acquisition price for the entire centre to €108.1 mln, including transaction costs, reflecting a net initial yield of 6.1%.
Kortrijk Ring is a regionally dominant shopping centre in the south west of Belgium, near the French border. It opened in 1973 and has undergone several renovations and refurbishments since then.
The centre is 92% occupied and houses over 80 shops, including C&A, Esprit, Albert Heijn, H&M, Miss Etam, ICI Paris XL and Coolcat. Visitor numbers currently stand at around three million annually.
