The Belgian Retail Market

The Belgian Retail Market
Pulse Spring 2015
Quarterly Market Update
Photography Marc O’Polo
•
Take-up volume in Q1 was 72,650 sq.m., up 54% on
70% of the transaction volume was registered in the
the same quarter last year, and resulted in a rise of
Big Six (Brussels, Antwerp, Ghent, Liège, Brugge
the take-up of the last 12 months to 365,000 sq.m., a
and Hasselt), above the 5-y average of 60%.
7% rise year-on-year.
•
•
•
Prime rents remained stable at €1,850/sq.m. p.a.
High transaction volumes were registered in high
on the prime high streets in Antwerp and Brussels,
streets (+83% yoy) and in retail warehousing units
with downward pressure in secondary locations.
(+76% yoy), whilst shopping centres declined (-63%
yoy).
•
Prime yields for high streets stand at 4.00% with
a number of exceptional transactions below this
mark, reflecting a buoyant market.
2
| pulse | BELGIAN RETAIL MARKET |
www.jll.be
SPRING 2015
MARKET OVERVIEW
The Belgian retail property market can be divided into 3 segments :
high streets, shopping centres and retail warehousing. An overview of
the volumes registered on both the occupier and investment markets is
detailed further in this publication. The prime Belgian retail streets are
the main shopping streets in the Big Six : Brussels, Antwerp, Bruges,
Ghent, Liège and Hasselt. E-commerce is a growth market in Belgium,
and shops are adapting their formats to the evolving retail landscape.
Looking forward, new large shopping centre projects are foreseen for
delivery from 2016 onwards. Rental levels are stable in prime locations
and under downward pressure in secondary locations. Vacancy in prime
shopping centres and high streets remains low.
Summary Statistics
Q1 15
Change
Q-o-Q
Y-o-Y
CONSUMER CONFIDENCE (NBB/
BNB) MARCH 2015
-6
+6
+2
RETAIL SALES VOL. INDEX* - FEB
2015 (EUROSTAT)
102.94
-71 bps
44 bps
TAKE-UP - CURRENT QTR (SQM)
72,650
-43%
54%
TAKE-UP - LTM** CUMULATIVE
(SQM)
365,250
8%
7%
COMPLETIONS - LTM** CUMULATIVE
(SQM)
188,970
-5%
64%
1,850
0%
0%
PRIME RENT € / SQ.M. PA
Investment Market >2.5MEUR
PRIME YIELD %
Q1 15
4.00
Change*
Q-o-Q
Y-o-Y
0 bps
12 Month
outlook
12 Month
outlook
0 bps
*DEFLATED AND DESEASONALISED
**LTM : LAST TWELVE MONTHS
°YTD : YEAR-TO-DATE
Source all charts : JLL Research | pulse | BELGIAN RETAIL MARKET |
SPRING 2015
www.jll.be
CONSUMER CONFIDENCE
GDP is projected to grow 1.2% in 2015, according to the Country Economic Forecast from Oxford
Economics as at end April 2015. Although recovery will remain relatively modest, all indicators
are moving upward. Private consumption is expected to grow 1.6%, providing the main spur to
faster GDP growth, and government consumption 0.6%, both indicators improving on 2014. GDP
growth will also be underpinned by a broadly balanced net trade and more sustainable growth in
business investment spending. Throughout 2015, the pace of household spending is expected to
pick up gradually, the current account is forecast to remain in surplus, and business investment
will continue to recover on a quarterly basis, although the annual growth rate will be slower than
in 2014. High labour costs and a limited Eurozone recovery remain risks for the medium term,
together with the public debt in excess of 100% and the need for structural economic reform.
The consumer confidence indicator published by the National Bank move upward from -12 end
December 2014 to -6 in March 2015. The indicator was influenced positively by positive prospects
for the general economy, for private savings capacity and households’ financial prospects, whilst
the unemployment factor first increased and then decreased again at the end of the quarter. About
8.5% of the working population is currently unemployed. This percentage is expected to edge
downward gradually to an estimated 7.5% towards the end of the decade.
Deseasonalised and deflated retail sales figures show an index of 102.94 for February 2015 (index
2010 = 100) in Belgium. Figures for March are not available yet at the time of writing. In February
the indicator for Belgium compared favourably with the global figures for the Eurozone, which
stood at 100.12 for the same month. In comparison with adjoining countries, Germany’s retail sales
indicator stood at 106.00, the indicator for France at 106.3 and Luxembourg at 186.41, the highest
in the Eurozone, whilst retail sales in the Netherlands continue to lag behind at 94.75, in spite of
gradual monthly increases. The retail sales indicator declined in February after the Winter Sales
period in January, when it reached 103.00. Under impact from very
mild weather conditions, the Winter sales period showed only marginal
growth in comparison with last year’s and retail sales in January were
slightly down on the retail sales at year-end 2014, which was not the
case in previous years.
0
-5
-10
-15
-20
-30
2012-01
2012-03
2012-05
2012-07
2012-09
2012-11
2013-01
2013-03
2013-05
2013-07
2013-09
2013-11
2014-01
2014-03
2014-05
2014-07
2014-09
2014-11
2015-01
2015-03
-25
Consumer Confidence (LHS)
105
104
103
102
101
100
99
98
97
96
95
Gross index 2010=100
BELGIAN CONSUMER CONFIDENCE INDICATOR VS.
WHOLESALE AND RETAIL SALES VOLUME1
Consumer confidence declined to double digit negative figures
Points
3
“Transactions in the prime
high streets of the Big Six
confirm the high demand
from retailers for prime
locations, while demand
reduced for secondary and
tertiary locations.ˮ
WALTER GOOSSENS,
HEAD OF RETAIL AGENCY
Retail Sales * (RHS)
* Deflated and deseasonalised
1
SOURCES : NBB/BNB, EUROSTAT
Source all charts : JLL Research 4
| pulse | BELGIAN RETAIL MARKET |
SPRING 2015
www.jll.be
TAKE-UP
Take-up of retail property in Q1 2015 amounted to 72,650 sq.m. across 162 transactions. That
represented a 54% rise on the first quarter of 2014, but remained 11% under the quarterly
average volume transacted in the period 2010-2014. Both high street (+83% yoy) and retail
warehousing (+76% yoy) deals underpinned the transaction volume, whilst take-up in shopping
centres declined in comparison with the same quarter last year (-63% yoy).The number of
transactions rose 15% in comparison with the first quarter last year, but remained 10% below
the 5-year quarterly average.
The geographical spread of take-up was dominated by the Flanders Region, where 67% of
take-up was registered, followed by the Walloon Region with 22% and Brussels with 11%. In
Flanders and Wallonia retail warehousing was the largest segment, representing respectively
66% and 83% of the quarterly volume, whilst in Brussels high streets attracted the largest
volume, representing 55% of the total volume registered in the Region.
The Big Six (Brussels, Antwerp, Ghent, Liège, Brugge and Hasselt) remain the dominant retail
cities in Belgium in the high street segment, with 15,500 sq.m. taken up in the first quarter of
2015 representing 70% of the volume, in excess of the average of 60% registered in the period
2010-2014. In the Big Six, Brussels and Antwerp remain comfortably in leading position with
a take-up of respectively 4,200 and 5,000 sq.m., with Hasselt following in third position with
2,000 sq.m. taken up this quarter, well behind the first two. Ghent follows just behind Hasselt,
with only just less take-up volume, 1,980 sq.m. In the cities of Liège and Bruges approx. 1,000
sq.m. of take-up was registered this quarter.
The largest transactions in Q1 2015 concern retail warehousing units : Brico Belgium let 4,600
sq.m. in be-Mine retail park in Beringen, Impermo let 3,750 sq.m. on the Boomsesteenweg
in Antwerp, and Lidl signed for 2,200 sq.m. in Ronse, near the French border. One newcomer
signed in Brussels : French jewellery brand Arthus-Bertrand took 250 sq.m. at the Grand
Sablon, the brand’s first shop in Belgium.
PRIME HIGH STREETS DOMINATE
The street units represented 30% of the takeup volume in retail property in Q1 2015, in line
with the quarterly average of the three previous
years. A total volume of just under 22,000 sq.m.
was recorded in Q1, up 83% on the first quarter
of 2014 and the best first quarter since 2011. Only
the global quarterly average of the past 5 years
was 7% higher, at 23,800 sq.m. This good start
in 2015 is due to a number of transactions in the
Big Six, where 63 out of a total of 91 transactions
were signed. The average size of a high street
transaction in Belgium this quarter was 241 sq.m.,
4% below the quarterly average in the past five
years. After Primark, Marks & Spencer, Ladurée
and Uniqlo in 2014, a number of newcomers are
expected in 2015, the first being French jeweler
Arthus-Bertrand who opened its first Belgian shop
in Brussels Uptown, in the Grand Sablon area.
Both in number of transactions and in volume,
the cities of Antwerp, the No. 1 this quarter with
5,000 sq.m. taken up across 23 transactions,
and Brussels with a take-up of 4,242 sq.m. in 21
transactions, take the lead. Other cities with high
take-up volumes in high streets this quarter were
Hasselt and Ghent, with approx. 2,000 sq.m. each,
followed by Liège, Roeselare and Bruges, with
over 1,000 sq.m. each.
TAKE-UP BY SEGMENT
High streets and retail warehousing in the lead
sq.m.
400.000
350.000
300.000
250.000
200.000
150.000
100.000
50.000
0
2007
2008
2009
2010
2011
2012
Shopping Centres
High Street
Retail Warehousing
5-yr Ave
2013
2014
Q1
2015
Source all charts : JLL Research 5
| pulse | BELGIAN RETAIL MARKET |
SPRING 2015
www.jll.be
TAKE-UP
The largest transactions in prime high streets in the first
quarter of 2015 were the 1,360 sq.m. let by La Halle on
the Chaussée d’Ixelles in Brussels, and in Antwerp Fred
& Ginger let 475 sq.m. on the Huidevettersstraat and JD
Sports signed for 300 sq.m. on the Meir 59. In Hasselt, 800
sq.m. were let by Pull & Bear on the Hoogstraat, in Hasselt,
replacing Mexx after its bankruptcy, whilst the new owner
of Mexx opened a new shop on Hoogstraat 18 (600 sq.m.),
and COS opened a 550 sq.m. unit in the Kapelstraat. In
Roeselare, JBC signed for 780 sq.m. on the Ooststraat. In
Gent there were no transactions on the Veldstraat, but Marc
O’Polo opened a 200 sq.m. unit shop on the Volderstraat
19, close to the corner with the Veldstraat. Michael Kors
continues its expansion strategy with a new shop on the
Kustlaan in Knokke, a transaction realised by JLL, and the
brand also has Antwerp on its list.
TAKE-UP IN SHOPPING CENTRES SUBDUED IN Q1
Take-up in the shopping centre segment was 2,950 sq.m.,
the weakest quarterly take-up since 2010. Demand for
shopping centre units remains stable, however, the market
suffers from lack of available units. The volume taken up
in shopping centres in the first quarter merely represented
4% of the total take-up of retail space, the latter remaining
in line with its 5-year average. The volume registered in the
first quarter was 74% below the quarterly average of the
last five years. The number of transactions, 23, was also
far below the 5-year quarterly average of 43 transactions,
and 34% below the number registered in the first quarter
of 2014, when 35 transactions were realised. The average
size of transactions was 128 sq.m., only about half the
5-year quarterly average of 260 sq.m. In the last 6 months,
pre-lettings in Docks Bruxsel underpinned take-up in
shopping centres, with a transaction volume of 3,860 sq.m.
Recent transactions in Docks Bruxsel involved international
retailers such as Guess, Liu-Jo and 7 for All Mankind, Mer du
Nord and Mango, the latter letting 1,400 sq.m. Transactions
were also registered in Belle Ile in Liège. Other shopping
centres in Brussels that attracted retailers this quarter
include City 2, Cora Anderlecht, and the Woluwe and
Westland Shopping centres. Shopping centres in Brussels
took the largest share of the volume this quarter, with a
total of 1,200 sq.m. in 11 transactions and represented 41%
of the take-up in shopping centres in Belgium. The volume
transacted in shopping centres in Wallonia equalled that of
Brussels with a slightly lower number of transactions (9).
Take-up in shopping centres in Flanders was subdued this
quarter, with only 524 sq.m. transacted in 3 transactions, in
Kortrijk and in Gent. The largest transaction in a shopping
centre this quarter was registered in Galeries-SaintLambert in Liège, where 461 sq.m. was let by JD Sports,
Cassis signed for 220 sq.m. in Westland Shopping Centre
and Abelsys, an Apple reseller let 185 sq.m. in Belle Ile in
Liège.
HIGH STREETS OF THE BIG SIX IN 2014
Brussels, Antwerp and Ghent in top 3
Liège
1.197
8%
Ghent
1.986
13%
Hasselt
2.015
13%
Bruges
1.044
7%
Brussels
4.242
27%
Antwerp
5.006
32%
Source : JLL Research TWO THIRDS OF TAKE-UP IS RETAIL WAREHOUSING
The volume of take-up in retail warehousing units and
parks increased 76% on the same quarter last year.
With 47,750 sq.m. taken up in 48 transactions, the
volume was also 3% above the 5-year quarterly average
of 46,500 sq.m. Retail warehousing represented 66%
of total take-up this quarter, i.e. two thirds of take-up
of retail space in Belgium is retail warehousing. The
average size of transaction, however, was 13% below
the 5-year quarterly average of 1,150 sq.m. 67% of
take-up was registered in the Flanders Region, 28% in
Wallonia and the remaining 5% in the Brussels Capital
Region. The largest take-up transaction this quarter
was registered in be-Mine retail park in Beringen, the
redevelopment of a former coal mine site, where 4,630
sq.m. was taken up by Brico DIY chain. Impermo took
3,750 sq.m. along the Boomsesteenweg in Antwerp,
and Lidl let 2,200 sq.m. in Renaix/Ronse. Transactions
in be-Mine retail park were the main driver behind
this quarter’s take-up, with a total take-up of 10,420
sq.m. in 6 transactions. In Wallonia, 4 transactions
were registered in the Hydrion retail park in Arlon for
a total of 3,070 sq.m., with retailers such as Heytens
Décor, Di, Action and Basic Fit, and 1,000 sq.m. was
let in Les Papeteries de Genval, also in 4 transactions.
In Brussels Jims Fitness let 1,350 sq.m. in Evere.
Docks Bruxsel
- BRUSSELS -
6
| pulse | BELGIAN RETAIL MARKET |
SPRING 2015
www.jll.be
PROJECTS
LARGE
SHOPPING
CENTRE
PROJECTS ARE PROGRESSING
ART & BUILD
Docks Bruxsel
- BRUSSELS -
Europea - Mall of Europe
- BRUSSELS -
DOCKS BRUXSEL FIRST OF 3 LARGE SHOPPING
CENTRE PROJECTS
In Q1 2015 a total of 25,600 sq.m. were delivered,
divided between 20,600 sq.m. unit shops and 5,000 sq.m.
retail warehousing. The largest project delivered this
quarter was the redevelopment on the Vrijdagmarkt
and Langemunt in Ghent by MG Real Estate for a total
of 11,000 sq.m. that was pre-let to H&M Group, Primark
and others. Projects under construction for delivery later
this year include the Leonardo site in Evere, partly prelet to Decathlon, and Le Toison d’Or in Brussels, prelet to Zara, Marks & Spencer and Apple. In total over
300,000 sq.m. are currently under construction, of which
128,000 sq.m. are scheduled for delivery later this year,
the largest being a 23,700 sq.m. retail warehousing
scheme in Geraardsbergen, Unal Shopping. Deliveries
in 2016 will be boosted by Docks Bruxsel (49,000 sq.m.),
Ikea Hasselt (39,000 sq.m.) and Ikea Mons (34,500 sq.m.).
New constructions represent 83% of the projects under
construction as at today, and 17% are redevelopments.
Upon realisation, these three shopping centres
together would add c. 200,000 sq.m. to the
shopping centre stock in Brussels and its
periphery, the first addition to the stock in over
20 years. Other large shopping centre projects
under construction or under permit include the
Crystal Park in Liège (52,000 sq.m.), the extension
of l’Esplanade Shopping in Louvain-la-Neuve
(20,000 sq.m.), La Strada in La Louvière (38,500
sq.m.) and Rive Gauche in Charleroi (35,000
sq.m.). Au Fil de l’Eau in Verviers (29,500 sq.m.) is
under construction with delivery scheduled early
2019. In addition, Woluwe Shopping Centre has
plans for an extension of 11,000 sq.m.
COMPLETIONS AND FUTURE SUPPLY
303,000 sqm under construction as at end March
sq.m.
350.000
Apart from Docks Bruxsel, which is well on its way to its
opening date scheduled on 20th October 2016, planned
large developments in the shopping centre segment
include Uplace on the north-eastern Brussels periphery
and the Mall of Europe in the north of Brussels. The latter is
part of the Europea project, the mixed use redevelopment
project of the City of Brussels for the Heysel platform.
Timing of both Uplace and Mall of Europe is very uncertain
due to different planning procedures, and politics.
300.000
250.000
200.000
150.000
100.000
50.000
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Completions
Under construction
Under permit
5-y Average
Source all charts : JLL Research 7
| pulse | BELGIAN RETAIL MARKET |
SPRING 2015
www.jll.be
RENTAL VALUES & INVESTMENT
UPWARD PRESSURE ON PRIME RENTS IN
PRIME LOCATIONS, DOWNWARD PRESSURE
IN SECONDARY LOCATIONS
High Streets
In Brussels we define two main commercial areas,
Downtown and Uptown. In Brussels Downtown, the rue
Neuve is the prime shopping street, and in Brussels
Uptown the first part of the Avenue Louise, Goulot Louise,
both with prime rents at € 1,850/sq.m./year. The same
prime rent applies to the Meir and the Schuttershofstraat
in Antwerp. There is upward pressure on rents for the best
locations on those streets, towards € 2,000/sq.m./year.
Prime rents in the main retail streets in other cities of the
Big Six vary between € 1,100/sq.m./year for Hasselt over
€ 1,200/sq.m./year in Liège and Bruges to € 1,550/sq.m./
year in Ghent.
Shopping Centres
Prime rents for shopping centres remained stable
quarter-on-quarter at € 1,600/sq.m./year. This prime
rent applies to Wijnegem shopping centre (Antwerp),
currently the largest Belgian shopping centre, and to the
Woluwe Shopping Centre in Brussels (44,000 sq.m.). The
prime rent for other main shopping centres in Flanders
varies between € 650/sq.m./year and € 1,000/sq.m./year.
The prime rent for a shopping centre in Wallonia is €
1,200/sq.m./year, and applies to l’Esplanade in Louvainla-Neuve. The prime rent for shopping centres in Liège
remained stable at € 950/sq.m./year.
ONE OF THE BEST QUARTERS OF THE
DECADE FOR RETAIL INVESTMENT
Q1 2015 was one of the best quarters of the decade.
With 182.5 mln invested in retail in the year so far,
the volume is 78% above the 10-year average and
up 184% year-on-year. The largest deal this year so
far was the acquisition by Union Investment of the
Feest- & Kultuurpaleis shopping gallery in Oostende
for c. €40 mln. In Antwerp, Groupe Hibert acquired
the Meir 23 unit shop for € 35 mln at a record-low
yield of sub 3.25%. In Wallonia, B-REIT Ascensio
acquired the Bellefleur retail park near Charleroi for
€ 28 mln. There is an important pipeline of shopping
center transactions: the Galeries Saint-Lambert in
Liège is for sale, and CBRE Global Investors may
exit from the Wijnegem and Waasland Shopping
Centers. In addition, several portfolio deals may be
closed later this year, which could beat the all-time
high volume of € 1.1 bn retail investment in 2001 (the
year Redevco acquired the GIB Immo portfolio for
nearly € 900 Mio). According to press sources, the
Médiacité deal in Liège collapsed. Prime shopping
center yields were unchanged at 5%, though there
is clear downward pressure. Prime yields for unit
shops are maintained at 4%. There are, however,
examples below that level. Retail warehousing yields
are maintained at 6%, also possibly edging down in
Q2 2015.
PRIME RENTS
Prime rents remained stable
Retail Warehousing
Prime retail warehousing rents, those applicable on
the Rue de Stalle in Drogenbos (Brussels southwestern
periphery) remained stable at €175/sq.m./year, and
are forecast to remain stable for the foreseeable future.
Prime rent for retail warehousing units on the Bredabaan
in Antwerp remained stable at € 165/sq.m./year.
2.000
200
JEAN-PHILIP VRONINKS,
HEAD OF CAPITAL MARKETS
1.850
1.800
1.750
175
175
1.600
1.500
“We are foreseeing a major
investment pipeline in retail
for 2015, which could lead to a
record-breaking year in terms of
volumes and yields.ˮ
€/sq.m./year
€/sq.m./year
Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q1 2015
Shopping Centres (LHS)
Retail Warehousing (RHS)
150
High Street (LHS)
PRIME YIELDS
All retail yields trend downward
%
7,0
6,5
6,0
5,5
5,0
4,5
4,0
3,5
6,0
5,0
4,0
Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q1 2015
Shopping Centre
High Street
Retail Warehousing
Source all charts : JLL Research 8
| pulse | BELGIAN RETAIL MARKET |
www.jll.be
SPRING 2015
Transactions
LARGEST OCCUPIER MARKET TRANSACTIONS LAST 12 MONTHS
High Streets
Year Qtr
City
Address
Type
Sq.m.
Retailer
2014
4
Hasselt
Molenpoort/Demerstraat
Pre-letting
5,800
Primark
2014
4
Brussels
Le Toison d’Or
Pre-letting
5,000 +
4,000
Marks & Spencer /
Zara
2014
4
Gent
Vrijdagmarkt/Langemunt
Pre-letting
3,000
H&M
2014
2
Liège
Rue de la Cathédrale 86
Letting
1,950
JBC
2014
4
Leuven
Waterview, Vaartkom
Letting
1,700
Albert Heijn
2015
1
Antwerp
Abdijstraat 36
Letting
1,530
Life Furniture
Shopping Centres
Year Qtr
City
Shopping Centre
Type
Sq.m.
Retailer
2014
3
Brussels
DOCKS BRUXSEL
Pre-letting
4,500
Media Markt*
2014
4
Liège
Médiacité
Letting
3,450
Primark (extension)
2014
2
Brussels
DOCKS BRUXSEL
Pre-letting
2,297
MATCH + Les Délices de mon
Moulin*
2014
2
Brussels
DOCKS BRUXSEL
Pre-letting
2,217
H&M*
2014
2
Brussels
Westland
Letting
1,700
Zara
2014
4
Brussels
DOCKS BRUXSEL
Pre-letting
1,400
Mango*
2015
1
Liège
Galeries St-Lambert
Letting
461
JD Sports
Retail Warehousing
Year Qtr
City
Address
Type
Sq.m.
Retailer
2015
1
Beringen
Be-Mine Retail Park
Letting
4,630
Brico
2014
2
Antwerp
Boomsesteenweg 364
Sale
4,400
Colruyt Group
2014
2
Hooglede
Brugsesteenweg 131
Sale
3,756
Salens Motors
2015
1
Antwerp
Boomsesteenweg 763
Letting
3,750
Impermo
2014
4
Brugge
Maalse Steenweg
Letting
3,500
Media Markt
Transactions in bold were advised by JLL - *:JLL co-agent
9
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SPRING 2015
LARGEST RETAIL INVESTMENT TRANSACTIONS LAST 12 MONTHS
Price Yield
MEUR
%
Year
Qtr
Type*
City
Building
Seller
Buyer
2014
4
SC
Kortrijk
Kortrijk Ring
Shopping
108.2
6.1
Certificate/
Redevco
Wereldhave
Belgium
2014
4
RW
Brussels
Evere Square
65
5.25
IRET
Development
Axa Belgium
2015
1
SC
Oostende
Feest-en
Kultuurpaleis
44
5.5
IVG Immobilien
Union
Investment
2014
4
RW
Various
Julianus Portfolio
35.6
9
Vastned Retail
Financière
Teychené
2015
1
HS
Antwerp
Meir 23
35.2
3.25
Irish Bank
Resolution Corp
Groupe Hibert
2014
4
RW
Various
Orchestra Premaman portfolio
33.7
6.5
OrchestraPremaman
Retail Estates
2014
3
RW
Various
Frun Parks Wetteren
& Oudenaarde
28
6.25
GLL Retail
Holdings
Retail Estates
2015
1
RW
Charleroi
Bellefleur Retail Park
28
6
Equilis
Ascensio
2014
3
HS
Gent
Veldstraat 23-27
27.7
3.9
Anthos Asset
Management
VastNed
2015
1
SC
Waterloo
115 Estate Waterloo
23
-
Unknown
Fidelity
Investment
2014
2
RW
Brussels
Carrefour Evere
17
7.7
Redevco Belgium
Wereldhave
Belgium
2014
3
HS
Various
7 high street shops
17
5.5
Bermaso
Immorente
Transactions in bold were advised by JLL
*RW : retail warehousing
HS : high street
SC : shopping centre
OFFICE - BELGIUM
Avenue Marnixlaan, 23 b1
B – 1000 Bruxelles Brussel
T 32 (0) 2 550 25 25
F 32 (0) 2 550 26 26
Jan Van Gentstraat 1 bus 402
B – 2000 Antwerpen
T 32 (0) 3 232 39 30
F 32 (0) 3 233 76 85
www.jll.be
CONTACTS
V I N C E N T H . Q U E R TO N
INTERNATIONAL DIRECTOR CEO BENELUX
+32 (0) 2 550 25 25
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