Vastned, the listed European retail property company focusing on venues for premium shopping, expands its presence in Ghent (Belgium) and Lyons (France), which is fully in line with Vastned’s strategy focussing on growth in premium cities.
Vastned acquired the high street shops at Veldstraat 23-27 in the city center of Ghent for €27.7 million. The shop is located in the best part of the Veldstraat on the corner of the Bennestraat. The Veldstraat façade is 25 meters wide and the Bennestraat façade 28 meters. The shop is let to leading international fashion retailer H&M and has a shopping surface of 1,025 m² on the ground floor and 850 m² on the first floor. Additionally, there is some storage and staff space on the first and second floor. In total, the property has a gross lettable area (GLA) of 2,590 m².
Cushman & Wakefield was the advising party in the acquisition. Vastned already had a presence in premium city Ghent with high-street shops in Veldstraat, Zonnestraat and Volderstraat let to e.g. G‑Star RAW, Ulla Popken, and SportsDirect.com. Vastned’s portfolio in Ghent has grown to approximately €44 million.
In Lyons, Vastned has acquired a high street shop in city’s luxury street Rue Édouard-Herriot at number 70 for €2.6 million. The acquisition in Lyons concerns a prominent corner shop with a GLA of about 165 m², let to the French luxury fashion retailer Sandro. Lyons is one of the premium cities where Vastned intends to increase its presence; this acquisition is the second in the historical centre of Lyons.