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◆ ± 11,500 sq m retail space and 500 sq m residential space
◆ Iconic and vibrant location on the Korenmarkt, in the heart of Ghent
◆ Fully let with 14 tenants creating a perfect mix
◆ Acquired by QRF in December 2022
◆ Investment of ca. 21 MEUR
01 The opportunity
The Korenmarkt, a historical building
120 years ago, the “Grand Bazaar” opened its doors on this prominent spot on the corner of Korenmarkt and Donkersteeg. When it moved to the Veldstraat around 1930, the new supermarket SARMA settled here. A fierce fire in 1946 reduced the entire complex to ashes. The rebuilt SARMA was definitively replaced in 1959 by a new construction made of steel and concrete. It was hidden behind a number of reconstructed 17th-century stepped gables on the Kortemunt side and a sober, functional building in Expo ‘58 style on the Donkersteeg side. Both parts were connected by an imposing concrete canopy, hosting an impressive terrace with an unrivalled view on the Korenmarkt.
A few years later, in 2001, the doors of SARMA closed to be transformed into a shopping complex for Hema, Blokker and more recently C&A, Hema, Ici Paris XL, Casa and many others. Recently, Cushman & Wakefield leased the last available unit to Gamestate.
02 The Process
Effective marketing process and a seamless collaboration as key differentiators
Thanks to a strong relationship between Redevco and the different teams of Cushman & Wakefield, a true collaboration was put in place to make this project a real success story.
In common agreement, the sale was structured as an under the radar process without strict milestones to allow candidate buyers to adapt to the rapidly changing market conditions pre & post summer.
An open and honest communication between Redevco and Cushman & Wakefield allowed the whole process to reach a successful conclusion, enabled by a realistic market sentiment.
03 The Results
Sale to a Belgian REIT with local anchoring
By approaching the local and international investor market, we obtained over 20 NDAs from interested parties.
With a projected closing in 2022, our main focus was to target investors offering deal security and comfort on timing.
Through market tours and guidance on the underwriting of the asset, multiple offers were received. Exclusivity was quickly reached and a smooth due diligence led to a successful closing by year-end.
The COVID-19 pandemic drastically changed the way we live, work and shop. However, the Korenmarkt perfectly matches investors’ criteria: a qualitative and fully let asset, secured and diversified cash flows, a Triple-A location and much more.
Our Capital Markets Office team has converted this file into a success thanks to unrivalled business intelligence tools, predictive market analyses and powerful marketing materials.
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