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Pandox sells Brussels retail asset for €34M

Pandox agreed to sell a Prada-leased retail property linked to The Hotel-Brussels to a discretionary real estate fund managed by BMO Real Estate Partners for about €34 million.

Pandox said in a release that the transaction, set to close Dec. 29, will result in net proceeds of roughly €34 million.

The company expects the sale to have a positive impact on its fourth-quarter EPRA net asset value, corresponding to the equivalent of about €40 million.