Friday, 30 October 2026
Union Investment has agreed to sell the Les Grands Prés shopping centre in Mons, Belgium, to Eurocommercial Properties for approximately €265 million. The transaction involves the acquisition of all shares in the company owning the property and is scheduled to close by 4 November 2026. According to Union Investment, it is the largest shopping centre transaction recorded in Belgium since 2018.
The property has been held by Union Investment’s UniImmo: Europa fund since 2004, when it was acquired for approximately €109 million. The fund has owned the shopping centre for 22 years, during which it carried out refurbishment and expansion works. The sale forms part of a change in the fund’s investment approach, with greater emphasis on properties requiring smaller individual capital commitments.
Les Grands Prés was completed in 2003 and is situated in Mons, near the French border and approximately 60 kilometres southwest of Brussels. The shopping centre contains around 26,900 sqm of retail accommodation distributed across approximately 100 stores. It forms part of a wider commercial district and is reported to have very little vacant space.
Between 2014 and 2016, Union Investment spent approximately €70 million on improvements and additional development at the property. The programme included around 8,200 sqm of new retail space and an IKEA store. The works increased the size of the commercial area and expanded the range of retail activities at the location.
Union Investment reports that sales generated by tenants have increased by more than 30% compared with the period before the COVID-19 pandemic. The announcement does not specify the exact comparison period or provide figures showing how much of the increase reflects changes in sales volumes rather than prices.
The disposal will reduce the fund’s exposure to a single large retail investment and release capital for other purposes. Union Investment has indicated that UniImmo: Europa will place greater emphasis on properties with lower individual values, which may allow the fund to distribute its investments across a larger number of assets. The company has not identified specific properties it intends to acquire using the proceeds.
The difference between the €109 million acquisition price and the current transaction consideration does not represent the fund’s net financial return. The €70 million redevelopment expenditure, together with other investment costs, rental income and expenses incurred during the ownership period, must be considered when assessing the overall result. Union Investment has not published a detailed calculation of the property’s total investment performance.
Eurocommercial Properties, a Netherlands-listed real estate company specialising in shopping centres, will add Les Grands Prés to its portfolio following completion. The buyer has not disclosed the expected rental yield, financing arrangements or projected contribution to its financial results in the information provided.
The transaction comes as European retail property investors continue to assess shopping centre acquisitions against financing costs, rental performance and the capital required to maintain older buildings. Les Grands Prés has undergone substantial investment during its ownership by Union Investment, although the announcement does not provide sufficient information to determine its current net operating income or the yield implied by the purchase price.
JLL and Ceusters advised Union Investment on the disposal. Ceusters has also been responsible for the centre’s property management. Linklaters and Clifford Chance provided legal and tax advice in connection with the transaction.
The sale is expected to be finalised in early November, ending Union Investment’s ownership of Les Grands Prés after more than two decades. For UniImmo: Europa, the disposal reduces its exposure to a large retail property, while Eurocommercial Properties assumes ownership of an established shopping centre in the Belgian market.
