AEW Europe, one of the world’s largest real estate investment and asset managers[1], announces the acquisition of three prime high street retail units let to leading international and French brands located on the prominent Rue Neuve in the heart of Brussels, Belgium.
The three units encompass a total of approximately 6,800 sqm of retail space and are fully leased to quality tenants: Zara, one of the largest international fashion brands; Celio, the French men’s clothing company; and Lush, the popular cosmetics retailer.
Zara occupies a unit of around 5,050 sqm at Rue Neuve 30-32, situated in a striking Art Deco-style building designed by architect Adrien Bloome in 1931. The asset is part of a larger complex neighbouring the Hotel Metropole and has been continually occupied by Zara since 2000. Celio and Lush occupy around 1,050 sqm and 700 sqm, respectively, at Rue Neuve 20 and 22, designed by the renowned Belgian architect Victor Horta in the Art Nouveau style.
The asset is located in the most sought-after section of the pedestrianised Rue Neuve, known as one of the busiest shopping streets in Brussels and a favoured destination for locals and tourists, attracting c. 44,000 pedestrians daily[1]. The location boasts a strong mix of international brands and is well-connected, with metro, tramway, bus and bike stations all in close proximity. It is also within walking distance of the Grand Place and the Central Station, as well as other local attractions such as museums, hotels, restaurants, and bars.
AEW Europe currently manages a total of 153,000 sqm in Belgium, encompassing logistics, offices, and retail, including some of the most dominant shopping centres in Flanders, and has a long-standing track record in retail real estate market across Europe, managing over 1,700,000 sqm.
Patrick Meutermans, Country Head Belgium at AEW Europe, commented: “Located on Rue Neuve, where footfall is high and vacancy is virtually non-existent, this asset is 100% let to long-standing tenants and leading brands, generating a stable core income profile. This investment underscores AEW Europe’s expertise in the retail market across Belgium and Europe, where we manage a growing portfolio.”
Sebastien Cappigny, Fund Manager at AEW Europe, added: “This investment presents an attractive opportunity for our strategy to enter the prime high street retail market in the capital of Belgium. Our investment teams successfully secured this rare opportunity, enhancing the diversification of our strategy’s real estate portfolio.”
For this transaction, AEW Europe was advised by Linklaters, Forvis Mazars, SOCOTEC Belgium, and Artelia.
Photo credit: ©Zara.
[1] Source: https://hub.brussels/fr/blog/barometre-retail-2025-ce-que-nous-disent-les-dynamiques-bruxelloises/
[1] 2025 IRE.IQ Real Estate Managers Guide”. The Guide, published annually by Institutional Real Estate, Inc., ranks real estate managers based on the gross value of real estate AUM ($m) as of December 31, 2024.
ABOUT AEW
AEW is one of the world's largest real estate asset managers, with €73.4bn of assets under management as at 30 September 2025[1]. AEW has over 830 employees, with its main offices located in Boston, London, Paris and Singapore and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world.
As at 30 September 2025, AEW managed €35.6bn of real estate assets in Europe on behalf of a number of funds and separate accounts. AEW has over 515 employees based in 11 offices across Europe and has a long track record of successfully implementing Core, Value-Add and Opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of almost €14bn of real estate across European markets.
[1] As of September 30, 2025. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of €73.4 billion includes €35.6 billion in assets managed by AEW Europe and its affiliates, €3.7 billion in regulatory assets under management of AEW Capital Management, L.P., and €34.1 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.