ING Real Estate expands activities in Belgium (BE)

ING Real Estate Development has taken a 50% interest in the project Waterfront Fashion Outlet in Genk (Belgium). The other 50% will remain in the hands of the local company Canal Properties. The Waterfront Fashion Outlet comprises about 50 outlet stores with a total lettable area of approx. 10,000 m².

ING Real Estate Development’s new (retail) development Stadsplein in Genk has gone into a next phase. The Belgian city Genk and ING Real Estate last year reached an agreement regarding the redevelopment of the Stadsplein. In this development, ING Real Estate has a 60% share of the investment which will be at least €50 mln. via a public private cooperation.

The project will comprise approx. 10,000 m² of retail space, 120 apartments, a library, a youth center and an underground parking garage for 750 cars. There will also be a connection with the Grote Marks, the St. Martinusplein , Shopping 3 and the Stadsplein. This way the current shopping center Genk Shopping I (over 15,000 m²) will be integrated.

For this project ING Real Estate Development recently reached an agreement with Carrefour for a Super GB supermarket of 3,000 m² and the developer is in advanced talks with C&A. The project is expected to be delivered in 2007.

Source: Vastgoedmarkt/ ING Real Estate

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