Vilvoorde: A partially vacant hypermarket site that most investors would have written off has just proven exactly why patient repositioning still beats waiting for the perfect asset. Wereldhave Belgium has agreed a conditional private sale of De Mael retail park in Sint-Kruis, Bruges, to a consortium of private investors for €49.2m, excluding transfer tax, a price exceeding the asset's latest book value and reflecting a net initial yield of 5.6%. The transfer is expected in the second quarter of 2027 and has no impact on the group's previously communicated 2026 outlook.
Wereldhave Belgium acquired the site in 2018, when part of it sat occupied by a partially vacant hypermarket, hardly the profile of a trophy asset. What followed was a methodical transformation: retail units renovated, capital directed toward sustainability and mobility, and the tenant mix deliberately rebuilt around anchors including Albert Heijn XL, DreamLand, MediaMarkt, Brico, HEMA, Jysk, Pearle, TUI and Medi-Market. That repositioning turned a struggling, partly empty site into what the company now calls a sustainable retail destination for the wider Bruges catchment area.
"The sale of De Mael is the result of the extensive transformation our teams have delivered over the past few years. We have successfully repositioned the site into an attractive, sustainable and high-performing retail park. The sale price reflects the value we have created through this approach. This transaction strengthens our financial position, providing additional capacity to invest in the further growth of our portfolio and pursue new opportunities," said Nicolas Rosiers, Deputy CEO of Wereldhave Belgium.
What makes this deal worth close attention from investors is less the price than the strategic discipline behind the exit. Rather than holding a stabilised, cash-generative asset indefinitely, Wereldhave Belgium is selling at the point of peak value creation to redeploy capital into dominant mid-sized shopping centres across Belgium and Luxembourg, the strategic focus it has pursued since 2025. For a market where retail park pricing has been volatile, a sale exceeding book value on a former distressed hypermarket site is a concrete signal that disciplined, multi-year retail repositioning still generates returns institutional capital will pay a premium for, even in secondary catchment areas outside Belgium's largest cities.
De Mael comprises approximately 20,000 m² of gross lettable area across a total site of approximately 46,531 m², with easy access and a retail mix serving visitors from Bruges and the surrounding region. Avenue Real Estate advised Wereldhave Belgium on the transaction.
Wereldhave Belgium manages a real estate portfolio worth more than €1.2bn, up 1.7% since 31 December 2025, comprising eight shopping centres, four retail parks and two office parks across Belgium and Luxembourg, welcoming more than 30 million visitors annually with an EPRA occupancy rate of 97.9%.
People mentioned
- Nicolas Rosiers, Deputy CEO, Wereldhave Belgium
Companies mentioned
- Wereldhave Belgium, Belgian regulated real estate company selling De Mael retail park
- Avenue Real Estate, advisor to Wereldhave Belgium on the transaction
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