Vastned strengthens position in Antwerp with acquisitions and new leases
Vastned, the listed European retail property company focusing on venues for premium shopping, has acquired two high street shops in the heart of Antwerp and has concluded several leases.
The high street shops are right in the heart of Antwerp's lively historic city centre: on Schuttershofstraat and Korte Gasthuisstraat.
Schutterhofstraat is the top luxury shopping street of Antwerp with retailers such as Hermès, Gucci, Jimmy Choo and Chanel. Vastned has acquired the high street shop at number 22, which adjoins another of Vastned's properties, let to Belgian high-end fashion retailer Terre Bleue. Joining the two units together could create a unique retail floor area of nearly 220 square metres on the ground floor and 310 square metres on the first floor, in order to respond to increasing demand for larger retail floor areas from luxury retailers.
In addition to Schutterhofstraat 22 and 24 Vastned also owns Schutterhofstraat 30 and 32, leased to the French lingerie brand Pain de Sucre and exclusive Belgian jewellers' Slaets. The lease with the latter was recently renewed and Italian fashion brand Manila Grace will shortly move into number 30. These leases show that this location is in demand among leading retailers in the top segment. Vastned is confident that it will be able to expand its portfolio on Schuttershofstraat further this year.
Korte Gasthuisstraat 17/Groendalstraat 18
Vastned has also acquired Korte Gasthuisstraat 17/Groendalstraat 18, which is leased long-term on market terms to &Other Stories, one of H&M's new brands. The high street shop has a floor area in excess of 1,100 square metres over two floors (700 square metres on the ground floor and 400 on the first floor). Korte Gasthuisstraat is one of Antwerp's most popular shopping streets with retailers including Superdry, COS, Scotch & Soda and SuperTrash. Korte Gasthuisstraat 17 is in the middle of this well-known shopping street. Vastned also owns Korte Gasthuisstraat 27, leased to Belgian high-end fashion retailer Terre Bleue.
Korte Gasthuistraat 17 was acquired through Vastned Retail N.V. instead of through Vastned Retail Belgium to prevent H&M exceeding 20% of the rental income, which would contravene with Belgian legislation.
Vastned bought these two unique retail units from a private investor. CBRE advised Vastned in this transaction.
Antwerp is highly attractive to international retailers. Valentino, The Kooples and Forever 21 are just some recent newcomers to its shopping streets. Schuttershofstraat and Korte Gasthuisstraat are popular shopping streets, not just for local consumers, but also for the many tourists the city attracts. Strong luxury retailers choose Schuttershofstraat; Korte Gasthuisstraat has a character all its own. I am proud of how successful our Belgian team has been in concluding leases, acquisitions and in picking up on various developments. This is how we can best execute our strategy.
Vastned is a listed (Euronext Amsterdam) European retail property company focusing on venues for premium shopping. Vastned invests in selected cities in Europe and in 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.