Redevco has sold a retail park on the Avenue Maréchal Foch in Jemappes, just outside Brussels in Belgium.
Investor, Ascencio bought the out-of-town retail park for a total price of €9.750m (£9.1m) and a gross investment yield of 6.5%. Renovated in 1996, the 9,334m² retail park is fully let, with the key tenants including Carrefour, Dreamland, Sportsworld and Austo5.
Retail investment activity in Belgium has totalled €750m (£700m) this year, with €340m (£317m) going into out-of-town retail.
Maxime Xantippe, managing partner at CB Richard Ellis Belgium said: 'Investors see retail property as good defensive assts, with out-of-town retail gaining price-conscious shoppers. While investment activity in other market segments might be slow, in 2009, investment volumes in retail property are expected to stabilise next year.'
CB Richard Ellis advised Redevco