Belgium

Wereldhave Belgium is a listed property company and focuses mainly on shopping centres for new investments. The retail portfolio consists of shopping centres in Liege, Nivelles and Tournai. In addition, the portfolio contains office buildings in Antwerp and Brussels. The development portfolio contains shopping centre extensions in Nivelles, Tournai and Waterloo and the redevelopment of a shopping centre in Genk.

The recovery of the Belgian economy gained speed in the first half of 2010, after which it slowed down. The growing economy created some 50,000 jobs over the year. Consumer confidence increased and retail sales grew faster in Belgium than in any other European country.

The Belgian retail property market is characterised by a low number of shopping centres and restricted shopping centre development. Take-up of shopping centre space is low due to limited availability. Retailers pay key money for prime units, which hardly ever come available. They have put their expansion into second and third tier markets on hold.

Prime rents have kept up in the largest cities and in the prime shopping centres. Rents for non-prime locations declined as demand slowed and the availability of this type of retail units increased. Investor interest in the retail segment is growing but the actual transaction volume was still very low throughout 2010. Good shopping centres are hardly ever up for sale; prime shopping centre yields remained stable at 5.5%.

Comm. V.A. Wereldhave Belgium S.C.A.
Medialaan 30/6
B-1800 Vilvoorde
Belgium
T:   +32 (0)2 732 19 00
F:   +32 (0)2 732 21 80
www.wereldhavebelgium.com

L. Plasman (Managing Director)
F. Adriaensen (Director Developments)
E. de Landtsheer (Financial Director)

Leasing information: 
Retail: E. Duchi (Leasing Director)
Offices: R. Moretus (Commercial manager offices)