IVG Institutional Funds has sold the shares of the company Immo Feest en Cultuurpaleis Oostende NV, which owns a prime retail shopping complex located in the coastal city of Ostend in Northern Belgium, to Union Investment on behalf of UII Shopping Nr. 1.
Located in the heart of Ostend, the complex benefits from outstanding visibility thanks to its location on the Wapenplein along Kapellestraat, the most popular area in terms of footfall in Ostend. Completely redeveloped in 2007 when purchased by IVG, the property comprises around 5,633 m² of prime retail area and is split over 17 retail units. Tenants such as H&M, Esprit, Vero Moda/ Jack & Jones currently occupy the well-established complex.
IVG Institutional Funds was advised by CBRE and Loyens & Loeff while Union Investment was advised by Cushman & Wakefield, Baker & McKenzie and PwC.