Ascencio Acquires Hydrion Shopping Space (Arlon) for €64.9M and Launches a €15M Capital Increase
On Wednesday, Belgian real estate group Ascencio announced the acquisition of the Hydrion Shopping Space in Arlon and simultaneously launched a €15 million capital increase through an accelerated private placement to partially finance this operation.
A 33,000 sqm Shopping Center Generating €4.5M in Annual Rent
Ascencio has acquired 100% of the shares of Arlimmo SA, owner of the Hydrion Shopping Space located in Arlon, a dynamic border area between Belgium, France, and Luxembourg. The site spans 33,000 sqm and hosts about forty national and international brands (including Action, HEMA, Carrefour Market, Basic Fit), with an occupancy rate of 100%. The asset generates an annual rental income of approximately €4.5M. Operated for over 20 years, the shopping center enjoys excellent accessibility and a large customer base with high purchasing power, positioning it as a key commercial hub in the region. This acquisition is part of Ascencio's strategy of selective investments in assets with proven resilience. The operation is based on a real estate valuation of €64.9M and will be largely financed by the use of existing bank credit lines, supplemented by the simultaneous issuance of additional shares.
A €15M Capital Increase to Strengthen Financial Structure
Ascencio is launching a cash capital increase for a maximum amount of €15M through an accelerated private placement. The net proceeds will be allocated to partially finance the acquisition. After the transaction, the debt ratio (EPRA LTV) is expected to be between 46% and 47%, a comfortable level that allows the group to maintain a good solvency ratio. The operation is expected to generate an estimated increase in EPRA Earnings of about €0.06 per share on an annual basis. In addition to the capital increase, Ascencio has strengthened its financing structure by contracting two new bank credit lines totaling €20M and renewing two other lines expiring for a total increased amount of €30M.
Support from Key Shareholders and Implementation Schedule
The main reference shareholders (Carl Mestdagh with 6.4%, Patronale Life SA with 5.3%, and Belfius Insurance SA with 3.7% of the capital) fully support the transaction and have committed to subscribing to the new shares. Carl Mestdagh commits to participate in proportion to his current shareholding (approximately 6.38% of the capital), Patronale Life SA to 50,000 shares, and Belfius Insurance SA for €5M. The new shares will be admitted to trading on the regulated market of Euronext Brussels and will have the same ISIN code (BE0003856730) as the existing shares. They confer a right to participate in profits starting from October 1, 2025. Admission to trading is scheduled for June 12, 2026.
