Cookie Use Notification

This site uses cookies to provide you with a more responsive and personalised service.

By using this site you agree to our use of cookies as set out in our cookie notice. Please read our cookie notice for more information on the cookies we use and how to delete or block the use of cookies.

Provestel buys Belgian retail portfolio for €45m

Click to Enlarge

Private investor Provestel has signed Belgium's largest commercial real estate deal so far this year with the purchase of a portfolio of seven stores from Dutch property group Redevco.

The transaction price amounts to €45 mln.

The package provides 50,500 m2 of total space leased to a number of retailers including Match, Carrefour, McDonalds, H&M, and C&A.

Right after signing the deal, Provestel sold two of the sites to an undisclosed buyer.

Cushman & Wakefield brokered the transaction. 'Investor demand for quality retail space remains substantial given the volatility of the stock market, on the one hand, and the low profitability of the savings account, on the other hand,' commented Bart Joosten of C&W Belgium.