REDEVCO Belgium has announced that it has acquired the retail part of the ING Real Estate Development's mixed-use scheme on Stadsplein (City Square) in the Belgian city of Genk.
The scheme comprises a total of 29 shops covering 15,500 m² of retail space fully let to a variety of national and international retailers, including Carrefour, C&A, Mexx, Zara, H&M, Cortefiel, Veritas, River Woods and The Body Shop. The scheme also includes an underground car park with space for 752 vehicles (sold to Q-Park), a total of 99 apartments and a four-star design hotel operated by the Different Hotel Group. The city of Genk is building a new City Library and has taken responsibility for the construction of three new public squares.
The first phase of the scheme (19 of the 29 shops and the underground parking) was opened to the public on 25 October 2007; the hotel and the remaining shops will open between March and April 2008, the City Library in the autumn of 2008 and the apartments during the course of next year.
"REDEVCO Belgium, ING Real Estate, the city of Genk and the other partners are proud of this successful regeneration project in the heart of the city," says Marc Van Heddeghem, REDEVCO Belgium's Managing Director. "We are delighted to have acquired the retail part of this scheme, since it fits in perfectly with our long-term vision of the importance of city centers and our strategy of investing in high-quality space in those city centers."