AG Real Estate announces the sale of 50% of the shares in Portici SA and Toleda Invest SA to QRF, a Belgian listed real estate investment fund. The two companies hold 100% of the rights relating to The Mint shopping centre.
This transaction forms part of AG Real Estate’s active portfolio management strategy, which aims to crystallise the value of mature assets at the right moment, while further value can still be created through active management.
Upon completion of this transaction, AG Real Estate and QRF will become co-shareholders of the companies holding the complex, through an equal joint venture. AG Real Estate will continue to carry out Asset and Property Management.
“This transaction illustrates our ability to create value on quality urban assets, and then to organise their rotation in a selective and controlled manner. With the sale of 50% of the shares in the companies that own The Mint, we crystallise part of the value created in recent years, while remaining fully involved in the management and future development of this iconic building. By partnering with QRF, we are choosing a Belgian partner that shares our conviction in inner-city retail and in the potential of Brussels city centre. This transaction therefore combines investment discipline, operational continuity and a shared ambition for The Mint.” Tatiana Posa, Head of Transactions at AG Real Estate.
The Mint, an iconic retail location in the heart of Belgium’s leading shopping axis.
The Mint, formerly known as the Muntcentrum, underwent a thorough renovation in 2017. Today it is a developed and highly visible commercial complex, fully integrated into the Nieuwstraat/Rue Neuve, the capital’s leading shopping axis. The asset comprises 12,828 sqm of retail space and approximately 2,287 sqm of archive space, and consists of a ground floor opening onto the city, a commercial mezzanine, a gallery level directly connected to the metro, as well as underground levels for storage and parking.
The Mint is home to a mix of 25 national and international brands, including Uniqlo, HEMA, Decathlon and Medi Market, which contribute to the appeal and diversity of the commercial offering. In 2025, the complex recorded 7.8 million visitors and a combined turnover for the retailers of more than 66 million euros, a 12% increase over the 2023-2025 period.
Positioning reinforced by an urban environment in full transformation
Thanks to its strategic location, multimodal accessibility and positioning at the crossroads of shopping centre and high street retail, The Mint plays a key role in connecting urban flows in Brussels city centre. The complex benefits from direct integration with public transport, metro access via the gallery level, and immediate proximity to the main shopping streets and pedestrian zones, notably the Nieuwstraat/Rue Neuve and the pedestrian zone. It forms the central link between the capital’s two major shopping axes.
This dynamic is further reinforced by ambitious redevelopment projects in the immediate vicinity, including the renovation of the former Anspach Galleries and the OXY project.
Together, these developments form a neighbourhood in full transformation, in which The Mint plays a central and strategic role.
William Vanmoerkerke, Chief Executive Officer of QRF, explains: “With the acquisition of a 50% stake in the shares of the companies that own this iconic urban commercial complex, QRF strengthens its portfolio in a unique prime location, on Belgium’s busiest shopping axis. This transaction marks our entry into Brussels city centre, a market in which we see long-term growth potential. Finally, we look forward to working with AG Real Estate, which has for several years managed the complex’s Asset management and Property management in a professional manner and with a sustainable vision, and will continue to do so.”
On the seller’s side, the transaction was advised by CBRE and JLL as co-exclusive agents, and by Loyens & Loeff as legal advisor.
