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Korenmarkt Ghent Korenmarkt Ghent

Cas Clients

Korenmarkt

An impressive 11,500 sq m retail on a strategic hinge point on the Korenmarkt in Ghent, connecting the Veldstraat & the Langemunt. 

Key Highlights

◆ Historical Trophy Asset from 1958, renovated in 2016
◆ ± 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
The complex “Korenmarkt” holds an impressive 11,500 sq m retail on a strategic hinge point on the Korenmarkt in Ghent, connecting the Veldstraat & the Langemunt. The plot itself connects the Korenmarkt to the Hoogpoort, where 5 beautiful apartments can be found. Key tenants are Hema, C&A, Basic Fit, Casa, Ici Paris XL and others. Redevco exclusively appointed Cushman & Wakefield to organize & structure the sale of the company holding the above asset.

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.

Korenmarkt Ghent Korenmarkt Ghent

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.

"We appreciated the partnership with Cushman & Wakefield in the sale of the “Korenmarkt”. Thanks to a proactive, pragmatic and tailormade approach we succeeded in the successful conclusion of this transaction."

- Redevco

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.

Interested to know more about this transaction and other opportunities?
Reach out to our Capital Markets experts >>

Korenmarkt Ghent Korenmarkt Ghent

Contact the team

Michael Despiegelaere
Michael Despiegelaere

Partner, Head of Capital Markets
Brussels, Belgium


+32 2 514 40 00

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