Benoit SIMPELAERE · logo DBB · Toison d'Or shopping centre, Brussels

Pursuant to a ‘split-and-merge’ operation, ING Real Estate acquired a significant stake in the 15,000 sq. m. 'Galerie de la Toison d'Or' (the ‘Golden Fleece’ shopping centre) in Brussels on December 19th 2007. The sellers had previously commissioned ING Real Estate to modernise and upgrade the premises as well as upscale the retail mix. Benoit Simpelaere, partner at DBB law, assisted ING Real Estate with the drafting of the transactional documents and all along the due diligence process.
 
The renovation process is expected to begin in early 2008. The number of retail units in the Toison d’Or shopping centre will be halved, from 80 to 40, and a spacious open floor plan will replace the original 1960s ‘labyrinth’ structure. FNAC, a leading European retailer of books, music, PC’s and consumer electronics, has already signed up as one of the anchor tenants of the new Toison d’Or. The refurbished shopping centre is scheduled to re-open in October 2009, (although part of the shopping centre will remain open throughout the redevelopment period).

ING Real Estate is an integrated real estate group that focuses on the development, financing and investment management of quality real estate in all major global markets. The value of its total portfolio amounts to over EUR 100 billion. ING Real Estate ranks among the world’s leading real estate companies and serves a broad client base with offices located in 22 countries in Europe, North America, Asia and Australia. ING Real Estate is part of the ING Group, a global financial institution of Dutch origin offering banking, insurance and assets management to over 60 million private, corporate and institutional clients in over 50 countries.

Benoit Simpelaere
Partner at DBB
BELGIUM