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Cushman & Wakefield advises Redevco in the sale of the headquarters of Carrefour Belgium

La Tour d'Evere_Belgique
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Cushman & Wakefield has advised Redevco (an independent European investment manager specialized in retail property) for the sale of its holdings in the headquarters building of Carrefour Belgium – better known under the name of ‘the Evere Tower’ – along with the surrounding retail units, to ‘La Financière Teychené, a subsidiary of French investor Gérard Teychené.

The building in question is the former characteristic headquarters of the GIB group located on the Avenue des Olympiades. It comprises some 21,000 m² of office space, 8,000 m² of archives and around 1,000 parking spaces. The existing rental contract for the offices, the current headquarters of Carrefour Belgium, was renewed at the beginning of 2013 for a period of 8 years firm.

Stijn Thomas, Associate Capital Markets, Cushman & Wakefield Belgium: “This transaction is one of the first of such a size on the Brussels periphery and demonstrates that Belgium has clearly begun to interest numerous international investors once again, thanks to the yields it offers when compared to other European capitals”.

Eric Van Dyck, Managing Director Redevco Belgium: “Redevco is thus pursuing its strategy of reviewing its Belgian portfolio and is also reducing its exposure to the office property market. Following this transaction Redevco’s Belgian portfolio is 100% made up of retail property”.

Valéry Autin, Management of Acquisitions, Teychené Invest Belgium: “The Olympiades complex benefits from an excellent location, a good catchment area, stable and recognised tenants, and the historic and recently renewed presence of Carrefour. This new acquisition enables the Teychené group to extend its Belgian portfolio to more than 110 million Euros and to confirm its desire to be a major player on the Belgian real estate market”.

The large supermarket of around 10,000 m² for which Carrefour has just extended the rental contract to cover the next 8 years, along with the shopping centre and its cafes and restaurants (approx. 4,250 m²) form part of the transaction. As mentioned above, this transaction of some 50 million Euros means that Redevco’s portfolio is now 100% retail.