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The biggest retail warehouse transaction

rockspring
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Brussels, 8th July 2015 – Rockspring, advised by Cushman & Wakefield, has sold its portfolio of 9 retail parks to the Belgian property company, Retail Estates. This transaction is for 129 million euro – the second-largest retail park transaction ever in Belgium.

The transaction was completed on 30th June. The property portfolio is made up of 9 retail parks and 2 standalone stores. The retail parks are located in Waregem, Westerlo, Merksem, Bierbeek, Braine l’Alleud, Overijse, Rocourt, Verviers and Eupen.
The two standalone stores are located in Sint-Pieters-Leeuw. With the exception of three retail premises in Westerlo, all of the outlets are leased.

Rockspring Property Investment Managers is a British asset management company, with head office in London and operations in 15 countries (including Belgium). Rockspring invests in property.
Jo De Clercq of Rockspring said: ‘This portfolio has been built up over a period of 20 years. During that time, Cushman & Wakefield – and Koen Nevens in particular – have been an excellent and highly dependable partner. This transaction sets the seal on this long-established partnership.’

The transaction itself was guided and supported by Koen Nevens, Managing Partner of Cushman & Wakefield. It is the largest retail store transaction of the past 10 years, second only to the sale of GIB Immo to Redevco in 2001.

2015 is undoubtedly on course to be a record year for retail property investments. Koen Nevens, Managing Partner Belgium and Luxembourg, explains: “2015 is only halfway through, but if we include the sale of the shopping centres in Wijnegem and Waasland (part of the Celsius portfolio), we already have a volume of investments in retail outlets that exceeds 1.3 billion euro. The record year of 2001, when Redevco purchased the GIB Immo portfolio with its multiple Carrefour hypermarket sites, ended at 1.4 billion euro. By the end of 2015 we will certainly have generated a new record amount for this market. This transaction once again highlights the fact that the very stable retail property market in Belgium continues to be much sought-after by both domestic and foreign investors.”