Leen Bakker Belgium: 11 Retail Estates units involved
27/08/2025

Leen Bakker Belgium has initiated proceedings to transfer its 44 sales outlets in Belgium under judicial authority

11 Retail Estates units involved

On 14 August 2025, Leen Bakker Belgium NV's application for the transfer under judicial authority of its 44 sales outlets in Belgium was approved. This procedure is being conducted by two liquidators appointed by the court with the aim of finding buyers for all or part of the 44 stores, including staff where possible. To this end, protection against creditors has been provided, which expires on 7 December 2025. At present, it is not possible to estimate the chances of success of this procedure, as it depends on many factors. The company had been in decline for years, with many of its loss-making retail properties already having been divested.

In Belgium, Leen Bakker leases 11 properties from Retail Estates with a total retail space of 16,452 m². Together, they represent an annual rental income of € 2 million. These 11 retail units, on a total of 1,021 Retail Estates properties, represent 1.39% of the total annual Retail Estates rental income. At the time of publication of this press release, Leen Bakker Belgium NV had no rent arrears. 

In recent years, Retail Estates has actively cooperated in the closure of unprofitable Leen Bakker Belgium stores, reducing its exposure from 18 properties three years ago to 11 properties today. The 11 retail properties are located in Bierbeek, Bruges, Dendermonde, Tournai (Froyennes), Hognoul, Kuurne, Liège, Lokeren, Marche-en-Famenne, Schoten and Sint-Joris-Winge. Retail Estates expects that the sale of the Leen Bakker stores will enable the liquidators to pay the rents until the end of the protection period. At present, it is not possible to make any statements about the duration of any vacancy after this sale period.

Retail Estates is awaiting the further course of the proceedings and has offered its cooperation to the management of Leen Bakker Belgium and liquidators in finding takeover candidates for the stores.

The Netherlands not affected

According to information obtained by Retail Estates in the Netherlands, no similar initiative is planned for its Dutch sister company Leen Bakker Nederland bv.