Canadian investor, Alberta Investment Management Corporation, paid about 300 million euro for Docks Bruxsel, a shopping center in Brussels. Developer Equilis had been looking for a buyer as soon as it completed the project in 2016.
Rapid sale
When Docks Bruxsel opened its doors in October 2016, Equilis almost immediately started looking for potential investors, but failed to attract much attention at first. Albert Investment Management Corporation has now been willing to pay the required fee to obtain the shopping center, De Tijd writes.
It is remarkable to see that Equilis has managed to sell the shopping center so rapidly. Most investors prefer to wait until a shopping center has a three year track record, because that is when the first rental deals expire and dissatisfied renters can leave.
Docks Bruxsel welcomed 5 million visitors in its first year, following a rush in the first two weeks with 700,000 visitors. At its peak, the shopping center should attract up to 8 million people annually.
There has also been quite a lot of turmoil since its opening, regarding the shopping center’s permits. Unizo openly questioned the way these were obtained and Brussels Minister of Economy Gosuin said that Docks Bruxsel has not delivered on its promises. Its impact on mobility and the local retail population has therefore been much larger than anticipated.
