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.
Realm has grown its leasing team with the appointment of Caroline Helyer as leasing manager. Caroline will be working across several of Realm’s schemes – including Dalton Park, Milsom Place and Bedford Riverside – where she will be leading initiatives to secure new retail lettings and lease renewals, as well as enhance the customer shopping experience and F&B offering across the portfolio.
Hamburg-based large-scale retail property specialist redos Group has acquired the Äppelallee-Center in Wiesbaden near Frankfurt. The purchase was made on behalf of the special AIF "Redos Einzelhandel Deutschland III".
The Italian brand PINKO will open the second store in Ukraine in Ocean Plaza shopping mall. The exclusive distributor of the brand is ARGO. The new store with an area of 160 sq.m. will open its doors on the first floor in May. A wide range of women's clothing, shoes and accessories will be presented.
NewRiver is pleased to announce that its joint venture with BRAVO Strategies III LLC in which it holds a 10% stake has exchanged contracts to acquire The Moor, a 28 acre estate in Sheffield city centre, from CEP ASI UKPF Nominee 1 Limited and CEP ASI UKPF Nominee 2 Limited, for total consideration of £41.0 million, representing a capital value of £60 per sq ft.