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Klepierre Buys Majority Share Of Brussels Shopping Centre

PARIS-Tough anti-mall-development laws means that the Esplanade will be only the fourth regional shopping centre in Belgium in the last 25 years. And French investor Klipierre announced at MAPIC has snapped up a 75% stake in the scheme.

By Charlie Jacoby | Updated on November 17, 2001

PARIS-The quoted French investor Klepierre has bought 74% of the 3000,000-sf l’Esplanade shopping centre, planned for Louvain-la-Neuve on the outskirts of Brussels, Belgium. Figures are not disclosed but the deal values the centre at €125 million ($110 million).

Brussels-based developer Wilhelm & Co–formed two- years ago when DePfa-backed a management buyout of the Swiss-based Groupe Philippe–will hold on to the remaining 26% and has an option to buy back a further 34% within a year of the centre’s completion.

The centre will be complete in September 2004. It will include a mall area and a 70,000-sf ‘high street’. A multiplex cinema on the site is already trading.

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