On 13 May 2020, AG Real Estate and Redevco concluded an agreement to transfer to AG Real Estate the property rights of Redevco, representing 12,000 m² of Westland Shopping currently 100% marketed to retailers mainly active in the fashion and wellness sectors.
On 13 May 2020, AG Real Estate and Redevco concluded an agreement to transfer to AG Real Estate the property rights of Redevco, representing 12,000 m² of Westland Shopping currently 100% marketed to retailers mainly active in the fashion and wellness sectors.
This transaction will allow AG Real Estate to remodel the shopping centre properly.
This consolidation of ownership represents a strategic move for AG Real Estate, confirming its desire to make Westland THE shopping experience of the Brussels-Capital Region.
For a complete framework of the project
On the strength of its experience acquired during the restructuring of City2 and The Mint, AG Real Estate has been carrying out major renovations since September 2019 to increase the capacity of the Westland by 10,000 m². It is taking advantage of these renovations to redefine the identity of the centre, increase its attractiveness and broaden its commercial offer, particularly for Food & Beverage and Entertainment customers. The Westland currently has a total surface area of 37,000 m², making it one of the most renowned shopping centres in Brussels.
These works will provide the mall with a new dynamism and reposition it in order to face the impact of a changing urban shopping centre landscape. So many advantages in this period of health crisis.
Full ownership represents a considerable advantage in charting the necessary changes for the development of this large-scale project.
"In addition to the current construction works, it was essential for us at AG Real Estate to implement a coherent and proactive operational management in order to turn Westland into a state of the art shopping centre. Taking this into consideration, consolidating the ownership seemed to us to be evident. Although the historical cohabitation with Redevco has always been very constructive, the finalizations of the transaction will enable us to meet the expectations of our clients and tenants and the various challenges of tomorrow in an optimal way. As an international trade specialist, Redevco very quickly came to the conclusion that this historical cohabitation was not optimal for the repositioning of Westland in a very competitive market" confirms Astrid Flamand, Senior Transaction Manager Retail at AG Real Estate.
Kristof Restiau, Managing Director of Redevco Belgium adds: "The sale of Westland Shopping Centre is an important divestment pursuant to our diversification strategy. As Redevco plans to expand its portfolio and mandates beyond retail, we have started to broaden our scope to include adjacent segments such as the mixed and residential sector. AG Real Estate has been a pleasant working partner and we look forward to the materialization of the vision we developed together for the Westland Shopping Centre.”
About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated property operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking. A company active in urban real estate, AG Real Estate has more than 250 employees with varied profiles and areas of expertise.
With a portfolio of more than €6.5 billion under management for its own account and on behalf of third parties, AG Real Estate is endeavoring to provide a responsible response to new urban needs and to implement a sustainable development policy as to make its projects even more meaningful.
About Redevco
Redevco, part of COFRA Holding AG, is a real estate investment management company with a clear focus on vibrant places across Europe. As the partner in urban real estate we invest in properties with a view to developing future-proof buildings in dynamic urban locations where people want to live, work and play. Our specialist investment strategies, local real estate knowledge and the scale of our Pan-European platform enable us to create value for both our investor clients and occupiers. Our highly experienced professionals purchase, develop, let and manage properties, ensuring that the portfolios optimally reflect the needs of our clients. We believe in long-term investments where quality and sustainability are key. We have close to 300 assets under management with a total portfolio value of about €7.5 billion.
