Eurocommercial announces the acquisition of Les Grands Prés in Mons for €265 million and launches a capital increase
With this centre located in Mons, Belgium becomes the company's third-largest market by property value, behind Italy and Sweden. The transaction provides for an initial yield of 7.5%, which the group intends to improve through a reworking of the commercial offer.
A centre with more than 100 shops, 97% occupied by area
Eurocommercial Properties announced on October 29, 2026, after the close of Euronext, the acquisition of the Les Grands Prés shopping centre from Union Investment. The transaction, negotiated privately, covers all the shares of the company that owns the centre.
The price amounts to €265 million, including repayment of the shareholder loan. Completion is expected by November 4, 2026. According to the group, the transaction will be accretive to its earnings from the first day and will contribute directly to them.
The gallery has approximately 27,000 m² of gross leasable area spread across more than 100 shops, with an occupancy rate of 97% by area. It welcomes more than 6.5 million visitors per year, anchored by retailers such as Zara, H&M, Mango, Courir, Medi-Market and Rituals.
The centre generates sales of €8,000 per m², for a tenant occupancy cost ratio of 10.5%. According to Eurocommercial, these two indicators leave room for rent growth while keeping occupancy costs affordable for retailers.
The property company plans a targeted programme to reshape the offer, inspired by its experience at Woluwe Shopping: adapting store formats, bringing in complementary retailers, leasing vacant units and revising rents. According to the company, these levers should increase annual net rental income.
Les Grands Prés will become the group's second centre in Belgium, alongside Woluwe Shopping in Brussels, acquired in 2018, and the sixth flagship centre in a portfolio of 25 shopping centres. Chief Executive Officer Evert Jan van Garderen considered that the asset “fully matches Eurocommercial's DNA.”
Net debt ratio raised to approximately 42.1% on a pro forma basis
The initial financing combines the proceeds of a capital increase, existing financial resources and available credit lines. The property company immediately launched an accelerated placement of 5,200,000 new shares, without preferential subscription rights, with international institutional investors.
The proceeds of the offering will be used to finance part of the price and transaction costs. The offer price and the final number of securities will be set upon completion of the order book, the results of which are expected before the opening of Euronext Amsterdam on October 30, 2026.
Settlement and delivery of the new shares, and their admission to trading on Euronext Amsterdam, Brussels and Milan, are scheduled for around November 3, 2026. These shares will carry the same rights, including the right to dividends, as the existing shares. The company has undertaken a 90-day lock-up, subject to customary exceptions.
ABN AMRO, in cooperation with ODDO BHF, and ING, with Baader as placement agent, are handling the overall coordination of the transaction. The group states that there is no guarantee as to the completion of the offering or its terms.
Despite the share issue, debt rises slightly: on a pro forma basis as of September 30, 2026, the net LTV ratio would move from 41.5% to approximately 42.1% following the acquisition and the capital increase. To reduce it, Eurocommercial intends to continue its asset rotation programme, with disposals already identified.
A catchment area of more than 904,000 inhabitants
Located west of Mons, the capital of the Hainaut province, the centre has direct access to the E42 motorway and is close to the French border. It serves approximately 746,000 inhabitants within a 30-minute drive in Belgium, and more than 904,000 including the neighbouring French areas.
The gallery is directly connected to a 35,500 m² IKEA store and adjoins a 20,200 m² Carrefour hypermarket and an 11,700 m² retail park, which are not part of the acquisition. The complex has approximately 4,200 parking spaces, and the acquired land covers 150,000 m².
Opened in 2003, extended and renovated between 2014 and 2016, the centre is BREEAM Very Good certified. The owning company also holds a pre-emption right over the Carrefour hypermarket should it be put up for sale; according to Eurocommercial, exercising it could strengthen the site.
