Today, the real estate of Carrefour Express at Sint-Catharinaplein in Ostend was acquired. Earlier this month, the real estate of the local shop ‘Debaere’ for Carrefour Belgium in the Forelstraat in Ghent was also acquired.
The Carrefour Express in Ostend is very visibly located at number 23 Sint-Catharinaplein. The store is 400 m² in size. In addition, Ulvenhout Retail Invest Fund previously had a second Carrefour Express store at 114 Frère-Orbanstraat in Ostend in its real estate portfolio.
Previously, the real estate of the local store ‘Debaere’ at Forelstraat 46 in Ghent was taken over. The corner building of 150 m² is prominent in the streetscape and is located in the middle of a neighbourhood where many students and singles live, the ideal target audience for a neighbourhood supermarket. This is where Carrefour will open a new branch of the ‘Carrefour Express’ brand in the spring.
Both properties are leased to Carrefour Belgium under a 27-year commercial lease. These acquisitions are fully in line with the investment strategy of Ulvenhout Retail Invest Fund, which only invests in E-commerce resistant real estate. This type of local shops has experienced strong growth in recent years and meets the needs of today’s consumers who want to be able to shop qualitatively, price-consciously, nearby and efficiently. The ‘Carrefour Express’ store formula responds to this with its range of fresh products, late opening hours and Sunday openings. Moreover, this type of store as a ‘convenience store’ is one of the spearheads in the growth strategy of Carrefour Belgium in the coming years.
Ulvenhout Retail Invest Fund now has thirty Carrefour local shops in its portfolio, strengthening its leading position as a real estate investor for local shops in Belgium. The current portfolio value now amounts to approximately EUR 145 million, generating an annual recurring rental income of around EUR 8.5 million.
For more information about the investment fund or about this transaction, please contact us here.