EL7.AI
StocksMedium•29 October 2026•
3 min read

Eurocommercial Offers 5.2 Million Shares to Fund €265 Million Belgian Acquisition

Key Facts

1The announced acquisition is valued at €265 million, including repayment of the shareholder loan.
2The company launched an accelerated offering of 5.2 million new shares to international institutional investors.
3The centre has more than 100 stores, is 97% occupied and receives more than 6.5 million visitors a year.
4The company expects its net loan-to-value ratio to rise from 41.5% to about 42.1%.

Eurocommercial Properties said on October 29, 2026, that it had agreed to buy the Les Grands Prés shopping centre in Mons, Belgium, from Union Investment for €265 million. The consideration includes repayment of the shareholder loan linked to the company that owns the centre, according to the company’s disclosure. The deal has not yet closed; Eurocommercial expects completion by November 4, 2026. Alongside the announcement, the company launched an accelerated non-pre-emptive offering of 5.2 million new shares to international institutional investors. Proceeds will fund part of the acquisition price and transaction costs.

The centre spans about 27,000 square metres of gross lettable area and houses more than 100 stores, according to Eurocommercial’s disclosure. It was 97% occupied at the time of the announcement and receives more than 6.5 million visitors a year. The purchase excludes the adjacent IKEA store, which spans 35,500 square metres, and the Carrefour hypermarket, which spans 20,200 square metres. The agreement also excludes the adjacent retail park, which covers 11,700 square metres. The operating figures disclosed for the target asset therefore apply only to the shopping centre itself, excluding those neighbouring areas.

Les Grands Prés will be the company’s second centre in Belgium, after Woluwe Shopping in Brussels, and its sixth major centre in the portfolio, the company said. Eurocommercial expects Belgium to become its third-largest market by portfolio value after the deal closes, behind Italy and Sweden. The chief executive said the centre was "a leading regional shopping destination, with an attractive tenant mix and clear opportunities to increase rental income through active management." The comment links the centre’s commercial appeal with opportunities to strengthen rental revenue through management and tenant-mix curation. The disclosure gave no specific figure for the expected increase in rental income.

On financing, the company expects the acquisition and share issue together to lift its net loan-to-value ratio from 41.5%, the latest figure it reported, to about 42.1%. The new estimate is based on a pro forma position as of September 30, 2026, according to the disclosure. The final offer price and number of shares will be determined after bookbuilding, so the launch announcement alone does not establish the final proceeds. The offering results are due to be announced before Euronext Amsterdam opens on October 30, 2026. The company expects the new shares to settle and begin trading in Amsterdam, Brussels and Milan at around November 3, ahead of the expected completion date of November 4.