Eurocommercial Properties NV wrapped up the acquisition of the Woluwe shopping center in Brussels, expanding its portfolio to €4 billion.
After exclusive negotiations and due diligence in October 2017, the company signed a binding deal in January to purchase the asset for a gross investment of about €468 million, representing an initial yield of just under 4%. The company plans to refurbish the asset and add about 10,000 square meters of additional space to the shopping center, subject to planning approval.
Eurocommercial will use €180 million worth of property sales proceeds, €187 million from sale agreements signed for four Italian properties under an asset rotation program and an 18-month loan facility to finance the deal, according to a release.
Belgian bank Degroof Petercam and law firm Stibbe advised the company on the deal.
