Den Tir acquired by Group GL and Baron Investments

The Antwerp shopping center Den Tir has been sold to Group GL and Baron Investments in an asset deal transaction. CBRE was exclusively mandated on the sale of the asset. It concerns one of the rare distressed asset sales in the Belgian property market.

The Property Den Tir is a shopping center, located along the Sint-Bernardsesteenweg in Hoboken. It is located in the city center of Hoboken towards the of the main retail street, the Abdijstraat. The property consists of a ground floor and three upper-floors, and comprises a total of 12,859 m² of retail spread over two levels (0 and +1). The shopping centre comprises 33 retail units, and notable retailers active in Den Tir include H&M, JBC, and Sportsworld. There are 341 parking lots spread over 3 levels of the property (+1, +2 and +3). This public parking space is fully owned and operated by TIR Abdijstraat S.A., the company detaining Den Tir.

The historical building dates from 1880, and used to be a shooting range of the Belgian Army, from which it derives its name. The building subsequently served as a library and school, but was fully redeveloped by Multi Development in 2005. Only the historical façade was kept. In the same year, Multi Development sold the shopping center to private investors.

This sale process was initialised by Barclays Commercial Mortgage Servicing, which was earlier this year acquired by Capita Group plc.

CBRE advised Capita Group in the sale of Den Tir.