Retail Estates enables relaunch in six of its eight Fun properties with ToyChamp/Dreamland and Jysk
19/02/2024

Retail Estates enables relaunch in six of its eight Fun properties with ToyChamp/Dreamland and Jysk
Advanced negotiations to let out seventh property with new activity

Last week the Bruges department of the Business Court of Gent has accepted the proposal by ToyChamp/Dreamland and Jysk to relaunch eleven shops of Fun Belgium nv following the latter's bankruptcy. Toy chain ToyChamp/Dreamland will take over nine shops while the Danish furniture chain Jysk will take over two. This involves six of the eight shops Retail Estates rented out to Fun.

The six retail properties in question are located at prime locations. Toy chain ToyChamp/Dreamland takes over five shops in Sint-Joris-Winge (Gouden Kruispunt), Sint-Denijs-Westrem (Kortrijkse-steenweg), Merksem (Bredabaan), Dendermonde (Mechelsesteenweg) and Mechelen (Lierse-steenweg). Furniture chain Jysk will occupy the retail unit in Lier (Antwerpsesteenweg). For these units with a total rent of € 1.71 million, agreements in principle have been concluded that will come into effect on 1 April 2024 at the earliest. As of today, Fun has no late payments (including February's rent).

Retail Estates supported the mediator actively during the procedure. CEO Jan De Nys explains why: "As a 'partner of choice', we aim to create a win-win situation for everyone involved: Retail Estates as landlord, the new tenants and the affected employees that can stay on board. We do this by supporting entrepreneurs and maintaining employment in close collaboration with other clients in our portfolio. This is a fine example of how we translate our values and sustainability strategy in tangible actions."

For the two other shop units with a total rent of € 0.53 million, Retail Estates will select a tenant itself. Currently, advanced negotiations are ongoing for the retail property in Korbeek-Lo (Leuven).