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Private holding company Bermaso sells part of its commercial real estate portfolio for more than 80 million euros

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Bermaso, an investment company which is privately owned by Xavier Painblanc, has just sold part of its commercial real estate portfolio to a French client of Codabel (Bérenger Drouin).


The portfolio includes, amongst others, Le Zilverpand in Bruges, multiple retail outlets located in the city centres of Brussels, Gent, Antwerp, Knokke, Schoten, Brasschaat, Wavre, and Kapellen, as well as an out of town premises located in Fléron (currently leased to Quick).


Codabel advised the buyer in the purchase and has been retained as property manager of this new portfolio.

Cushman & Wakefield acted on behalf of the seller.


Bart Joosten (C&W): “Following last year’s acquisitions by Triuva and Standard Life in Upper Town Brussels, this new transaction only further highlights foreign institutional investors’ increasing appetite for inner-city retail units. They are not deterred by the low yields when taking into account the current value retention and low vacancy rates of well-situated properties in Belgian city centres. Moreover, this transaction marks one of the largest city centre retail portfolio deals of the past decade.

Ultimately, this affirms the desirability of the Belgian retail real estate market to French market players. Investors such as Ciloger, AEW and Sofidy have also recently taken a similar stance. This in contrast to Dutch investors who, over the past 3 years, have predominantly assumed the position of seller.”