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.