New Permit in Kortrijk
In the city of Kortrijk, Vabeld has now received a building permit for a residential project called Linum and containing 47 apartments as well as 550 M2 of multifunctional space for which a new lease with the city is to be signed shortly. The site is located adjacent to the Flax Museum between the Gasstraat and the Noordstraat at a stone’s throw from the banks of the Leie. As Vabeld is not a developer, an agreement is signed with a related development company to build the project and take the commercial risk.
Residential real estate is not a focus for Vabeld. However, this site has been owned by Vabeld and its predecessors for the better part of five decades and used to be a Euro Shop store (until 2006).
New letting in Rio
The commercial real estate market in Brazil has been in turmoil since the recession in 2015. Just when things seemed to finally move in the right direction, Covid pushed the market further down.
On a positive note, there are now clear signs that things are finally picking up. It had been a while since we were able to report a new letting in Rio but we are happy to report that Vabrad, 100% subsidiary of Vabeld, let a 2.500 square meter office building in rua Teofilo Otoni to CIEE, a prominent university. The previous tenant, also a university, had left the building in 2018.
Acquisition in Brasov Romania
Vabeld has acquired an industrial site in Ghimbav, just east of Brasov.
The site holds a building of approximately 20.000 square meters of warehousing and light industrial space and is fully let to 595 Solutions, a Germany based specialist in lightweight metals.
Further investments in this property are expected over the years to come.
Planning Jumbo Middelkerke approved
The province of Western Flanders has approved final planning for a Jumbo grocery store in Middelkerke, next to the Euro Shop superstore and in the middle of the Sea Shopping Center. The town of Middelkerke had already approved the permit but a number of direct competitors of Jumbo had lodged an appeal against it.
Gross surface area will be 2300M2 and the opening is anticipated towards the middle of next year.
This will be the first Jumbo owned by Vabeld.
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In light of our continuous growth, your retail asset(s), whether located in Belgium or elsewhere might be of interest to us. Are you considering selling commercial real estate or do you know someone who wishes to do so, do not hesitate to contact us, with no obligation on your part. We do not act as a broker and discretion can be guaranteed. If you are interested in one of our properties for sale or for rent, do not hesitate to phone or e-mail us.