Eurocommercial Properties Buys Les Grands Prés Shopping Center in Mons From Union Investment for €265 Million

Union Investment Real Estate has sold the Les Grands Prés shopping center in Mons, Belgium, to Dutch-listed Eurocommercial Properties for approximately €265 million, the firm announced Oct. 30. The deal is the largest shopping center transaction in Belgium since 2018, according to Union Investment, and is expected to close by Nov. 4, 2026.

The sale was structured as a share deal covering 100% of the shares in the company that owns the center. Union Investment held the property on behalf of its open-ended real estate fund UniImmo: Europa, which acquired the center in 2004 as a new construction for about €109 million.

Deal Structure and Advisers

Eurocommercial Properties N.V., a Dutch real estate company focused on shopping centers, is the buyer. The total consideration of roughly €265 million includes repayment of a shareholder loan.

Union Investment was advised on the transaction by JLL and Ceusters, the long-standing center and property manager. Linklaters and Clifford Chance served as legal and tax advisers.

Union Investment said the sale contributes to the rejuvenation of its real estate portfolio and delivers a positive performance contribution for UniImmo: Europa.

Les Grands Prés: Property Profile

Completed in 2003, Les Grands Prés sits west-southwest of Mons in Hainaut, near the French border, with direct access to the E42 motorway. It forms part of a larger retail and commercial hub and sits on a site of roughly 150,000 square meters.

The center has about 100 stores across approximately 26,900 square meters of retail space, or about 290,600 square feet, and is nearly fully leased. Occupancy stands at 97% by area, and annual footfall exceeds 6.5 million visitors.

From 2014 to 2016, Union Investment modernized and expanded the center at a cost of €70 million. The project added nearly 8,200 square meters of retail space and a new IKEA store.

Based on the gallery area, the €265 million price equates to roughly €9,815 per square meter, or about €912 per square foot. The figure is indicative, because the consideration covers the ownership company and a shareholder-loan repayment, while the site includes broader land and commercial components.

Eurocommercial Expands Its Belgian Platform

Eurocommercial said the acquisition is earnings-accretive from day one. To help fund the purchase, the company launched an accelerated bookbuild of 5.2 million new shares, which raised €128.4 million. The balance is being financed through existing financial resources and available credit facilities.

The deal adds a second Belgian center to Eurocommercial's portfolio, alongside Woluwe Shopping in Brussels, acquired in 2018. Les Grands Prés becomes the company's sixth flagship shopping center, and Belgium becomes its third-largest market by portfolio value after Italy and Sweden.

Belgian Retail Investment Context

Belgian retail investment volume reached €513.3 million across 39 transactions through the end of the third quarter of 2026, down 36% year over year but 8% above the five-year third-quarter average, according to JLL. Retail warehousing accounted for 68% of activity, while shopping centers and high-street assets saw lower transaction volumes.

JLL's third-quarter data put prime shopping center yields at about 5.75%. Cushman & Wakefield reported a prime shopping center yield of 6.00%, with prime shopping center rents of about €1,300 per square meter annually and high-street rents of about €1,750 per square meter.

Union Investment's Holding Period and Returns

Union Investment held Les Grands Prés for about 22 years. The €265 million sale price compares with the original €109 million acquisition cost and the €70 million invested in the 2014–2016 expansion, a gross value increase of roughly €156 million before operating income, financing, taxes, transaction costs and the value created by the capital investment.

Sources

• Union Investment press release: Union Investment Sells Shopping Center in Mons