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Eurocommercial pays €170M to expand ownership of Brussels mall

Eurocommercial Properties NV signed two deals to acquire the remaining space it does not own in the Woluwe Shopping Centre in Brussels from AG Insurance SA for €170 million.

The Dutch retail real estate investment trust paid €468 million in March 2018 to purchase the property, including half of its total 46,000-square-meter gross lettable area and all adjoining land, parking and common areas, in addition to strategic control of the shopping center.

In a transaction that closed at the end of 2018, Eurocommercial used proceeds from asset rotation and a €50 million, seven-year bullet loan from ABN AMRO and ING to buy the company controlling 11,000 square meters of the remaining area.

For the 12,000-square-meter Inno department store, owned by AG Insurance units, Eurocommercial signed a joint venture deal that is expected to close later in 2019. As consideration, Eurocommercial's Belgian FIIS (REIT) unit will issue shares to AG Insurance, which will become a minority shareholder in the venture.