Union Investment Real Estate GmbH has signed a purchase agreement for the shopping center "K" located in Kortrijk, Western Flanders. The seller is Foruminvest, the developer of the center, which will remain responsible until the opening, and remain involved in the management of the center afterwards.
The parties have agreed to maintain silence on the purchase price. When finished in spring 2010, the center will comprise 33,290 m² of retail floor space, 20 apartments and approx. 1,050 underground parking places.
The retail project is centrally located in the city of Kortrijk, directly connected to the pedestrian zone and within easy access to public transportation. Anchor tenants are H&M, Zara, Mediamarkt and Esprit. The project will be part of the open-ended real estate fund UniImmo: Europa.
Union Investment has been advised by Clifford Chance and Catella Property Belgium. Allen & Overy advised Foruminvest.
Source: Catella Property Group