Wereldhave updates on exposure to FNG Group fashion brands
Wereldhave has taken notice of FNG fashion group brands (Didi, Expresso, Miss Etam) filing for bankruptcy following the bankruptcy of parent company FNG Group in Belgium.
FNG fashion group brands are tenants in 8 Wereldhave centers in the Netherlands, representing 1.5% of Wereldhave’s gross rental income in the Netherlands or 0.7% of Wereldhave’s total gross rental income as per 30 June 2020.
Wereldhave has recognized the challenges the multi-brand fashion segment faced over the past couple of years, which accelerated as a result of the Covid-19 pandemic. In order to proactively act on these challenges, part of Wereldhave’s LifeCentral transformation strategy is an asset-by-asset exercise to develop blueprints for transforming shopping centers into Full Service Centers. Current FNG locations will be repositioned to alternative use or, where applicable, Wereldhave will facilitate a potential restart of selected FNG fashion group brands.
The x+bricks Group has signed a conditional purchase agreement with the SCP Group to acquire large parts of the repositioned grocery-anchored real estate portfolio of the supermarket operator “real”. Under the terms of the Agreement, x+bricks has secured access to a pipeline of assets valued in excess of EUR 1 billion. Upon completing the transaction, the gross asset value of x+bricks' portfolio will double to more than EUR 2 billion.
Landsec has announced the signing of three F&B operators – Five Guys, Taco Bell, and Pollo To Go – at Xscape Yorkshire in Castleford, the county’s largest dedicated leisure and entertainment destination.
ESTAMA UK has announced the appointment of Nick Round as the new Head of Asset and Property Management. Working closely with the wider team, Nick’s role will be focussed on driving the performance of the company’s schemes and boosting the efficiency of the operational management across ESTAMA UK’s diverse portfolio.
A new shopping center Nikolsky opened in the heart of the Ukrainian city Kharkiv – with 106,000 sq m of GBA, 53,000 sq m of GLA, and 700 parking spaces. There are about 150 shops, the largest Multiplex in the city, a bowling-club, the Smile Park (an entertainment center for children), the sports club Sport Life and many more.