Commercial property investments in the Belgian capital have soared in 2015, with investment volume year-to-date jumping by 59% y-o-y to €3.3 bln, already exceeding full year 2014 level.
According to JLL, these exceptional results were largely boosted by two significant shopping centre deals. Such was the impact of these deals retail has overtaken office with 50% of the investment volume, vs. 20% in the 2005 to 2014 period. Offices follow with 32% and industrial with 7%, retirement homes ranking fourth with 6%.
The third quarter of 2015 was an outstanding quarter for retail with a total investment volume of €1.2 bln, over 10 times above the same quarter last year. The volume year-to-date is €1.67 bln, more than five times above the volume invested in the first three quarters of 2014. A number of exceptional transactions were registered this quarter, involving shopping centres and portfolio deals.
The largest retail investment transaction this year in Belgium was finalised mid-July: the acquisition by AEW and China Investment Corporation, a Chinese sovereign wealth fund of the Celsius Portfolio from CBRE Global Investors, with 10 retail properties in France and in Belgium including the Waasland Shopping Centre and 50% of the Wijnegem Shopping Centre. Of the €1.3 bln paid for the Celsius Portfolio approx. €825 mln is allotted to the two Belgian assets, representing a yield of 4.1%.
Three other large investment transactions were closed this quarter: the Constellation portfolio was sold to CBRE Global Investors by developer MG Real Estate for €79.6 mln; developer Equilis sold a retail warehousing portfolio to Belgian private investor Société de l’Argayon for €75 mln and Basilix Shopping Centre in Brussel was sold to French institutional investor Primonial for €64 mln.
The full report can be downloaded here.
Source: JLL
