Opening of l'Esplanade shopping center - Klepierre's first acquisition in Belgium (BE/FR)

Pursuant to the memoranda of agreement that Klépierre entered into on November 16, 2001 and July 17, 2003 with the Wilhelm & Co group, the acquisition of L'esplanade in Louvain-la-Neuve has just been finalized. Klépierre's first investment in Belgium, this acquisition includes a shopping center, a new retail street and a cineplex. Klépierre's total investment is €157 million, of which €76 million will be paid in 2005. Full year, the center is expected to generate €11.5 million in net rents.

Located south of Brussels, in the heart of Brabant-Wallon, L'Esplanade is part of a vast urban enhancement project involving the Louvain-la-Neuve hypercenter that spans 130,000 m². Initiated 14 years ago by the Belgian developer Wilhelm & Co, the project includes 371 apartments, 30,000 m² of office space, 6,000 parking places, a 2,800-seat UGC Cineplex with 13 screening rooms, and a retail complex covering nearly 42,000 m² of gross leasable area, which includes:

  • A two-level shopping center offering GLA of 34,500 m² and 7 mid-sized retail outlets - Delhaize, H&M, Go Sport, C&A, Esprit, La Grande Récré and Hema (a Dutch retailer owned by the Vendex group), Zara - and 90 shops, service spaces and restaurants.
  • 35 shops and one mid-sized retail outlet located at street level on rue Charlemagne, with an additional 7,200 m² of GLA.

L'Esplanade is a high potential footfall zone in Belgium's fastest growing region in terms of demographics: 640 000 individuals earn income that exceeds the national average by 20%.

Ségécé, a 75%-owned subsidiary of Klépierre, was involved in putting together and monitoring this investment, while Devimo (in which Ségécé owns 35%) handled the lease-up phase, in partnership with Cushman & Wakefield - Healey & Baker. Devimo also manages the property, which has been opened for business earlier this month.

Source: Klépierre

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