Cushman & Wakefield was exclusively mandated by Columbia Threadneedle for the sale of the iconic retail complex of ‘De Post’, a landmark built in 1906, situated in the historic city centre of Ghent. The purchaser is a private investor, and the transaction volume is c. €20m. The transaction concerns only the retail section of the building complex.
The building is located on Korenmarkt in the heart of the city of Ghent, in the main touristic area. This square seamlessly connects two major shopping high streets, Langemunt and Veldstraat.
In 1998, the building was sold by the Belgian Post Office. Subsequently, the upper floors were transformed into apartments. In late 2016, the ground floor was redeveloped into a shopping centre while the upper floor was converted into a luxury hotel.
The retail component counts 6 tenants, offering a strong commercial mix. The main tenants are Albert Heijn, Le Pain Quotidien and Sissy-Boy.
Victoria Tanret commented : “The retail market remains a highly attractive and resilient market, where quality assets continue to perform. This sale reaffirms investor confidence in exceptional locations and proves there is ample liquidity for the right opportunity.”
Image Source - Cushman & Wakefield.
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