ING Real Estate Development and the Gillion family have sold Brussels' Toison d'Or Gallery shopping center to the M&G European Property Fund managed by PRUPIM, part of the UK's Prudential financial services group. Both parties held a 50% share in the center.
The Toison d'Or Gallery shopping center.
The Gillion family originally developed Toison d'Or Gallery in the late 1960s. ING acquired its stake in 2007 to support a major redevelopment of the shopping center. The well-regarded redevelopment transformed the somewhat dated original layout of the complex into a more contemporary commercial mall and opened its doors in May 2010.
Toison d'Or Gallery is located in the Haut de la Ville (upper-town) shopping area of Brussels, between the luxury retail outlets of the Avenue Louise and the boutique shopping areas of Rue de Namur and Sainte-Boniface. The Gallery consists of 12,350 m² GLA retail and 2,200 m² GLA storage divided over 40 units. Anchor tenants include Fnac, Tommy Hilfiger, Desigual, AS Adventure , Maxi Toys and Esprit.
Hein Brand CEO at ING Real Estate Development said: "This marks the successful conclusion of ING's involvement in Toison d'Or Gallery. Five years ago we were asked as partner in the redevelopment of the shopping center and we can now look back with satisfaction at what was achieved in turning a rundown asset into an attractive local landmark.
"The deal follows our recent announcement on the sale of the ZloteTarasy mixed-use development in Warsaw and forms part of the ongoing strategy of reducing ING's exposure to real estate."
CBRE acted on behalf of ING and the Gillion family, Cushman & Wakefield Investors and Cushman & Wakefield advised Prupim.
Source: Bellier Financial