VASTNED INVESTS € 30 MILLION IN PREMIUM CITY HIGH STREET SHOPS IN GHENT AND LYONS
Rotterdam, 1 August 2014 – Vastned, the listed European retail property company focusing on venues for premium shopping, expands its presence in Ghent (Belgium) and Lyons (France), which is fully in line with Vastned’s strategy focussing on growth in premium cities.
Growth in Ghent
Vastned acquired the high street shops at Veldstraat 23-27 in the city centre of Ghent for € 27.7 million. The shop is located at the best part of the Veldstraat on the corner of the Bennestraat. The Veldstraat façade is 25 meters wide and the Bennestraat façade 28 meters. The shop is let to leading international fashion retailer H&M and has a shopping surface of 1,025 sqm on the ground floor and 850 sqm on the first floor. Additionally there is some storage and staff space on the first and second floor. In total the property has a gross lettable area (GLA) of 2,590 sqm. Cushman & Wakefield was the advising party in the acquisition. Vastned already had a presence in premium city Ghent with high street shops in Veldstraat, Zonnestraat and Volderstraat let to e.g. G‑Star RAW, Ulla Popken, and SportsDirect.com. Vastned’s portfolio in Ghent has grown to approximately € 44 million.
Expansion in Lyons
In Lyons Vastned has acquired a high street shop in city’s luxury street Rue Édouard-Herriot at number 70 for € 2.6 million. The acquisition in Lyons concerns a prominent corner shop with a GLA of about 165 sqm, let to the French luxury fashion retailer Sandro. Lyons is one of the premium cities where Vastned intends to increase its presence; this acquisition is the second in the historical centre of Lyons.
I am delighted with the acquisition of these two high street properties as they are fully in line with our strategy focussing on growth in premium cities. We would like to expand further in premium cities like Lyons. Ghent is in the top 3 retail cities of Belgium and Lyons is one of the biggest city of France, after Paris. Both have a beautiful historical city centre that attracts many tourists throughout the year.
Vastned is a listed (Euronext Amsterdam) European retail property fund focusing on venues for premium shopping. Vastned invests in selected cities in Europe and Istanbul, with a clear focus on the best retail property in the most popular shopping streets in the bigger cities (high streets). Vastned's tenants are strong and leading international and national retail brands. The property portfolio has a size of approximately € 1.5 billion.