Cibus expands its Belgian portfolio

Cibus has through the acquisition of One+ become the sole owner of five retail assets in Belgium with a total lettable area of approximately 19,100 sqm and an underlying property value of EUR 38.6 million. Daily-goods tenants represent 64 percent of the rental income for these five assets, the remainder being discounters, a pharmacy, a gym and a small office. The One+ portfolio in total comprises seven assets, however, a binding sale agreement is in place for two discount retail assets, with the sale to take place before year-end 2025. The economic occupancy rate of the portfolio is 100 percent.

The newly formed Two+ joint venture ensures a continued partnership with TS33. Two+ will focus on funding and acquiring newly developed grocery-anchored assets. Cibus will have a right of first refusal on all future TS33 retail developments in Belgium, ensuring access to a country-wide grocery store pipeline.

Cibus continues to actively optimise its portfolio with three divestments of non-strategic assets in Belgium, located in De Panne, Lanaken and Oostende, leased out to non-food discounters and a gym. The properties have a combined lettable are of 4,380 sqm and an underlying property value of 5.9 MEUR. The divestments were signed in the second half of September and first half of October 2025. The sales are made as property deals with an overall underlying property value above book value.

"These investments are fully in line with our strategy to grow earnings per share through disciplined, cash flow-accretive investments in the daily-goods segment and positions Cibus for continued growth in Belgium through an interesting pipeline. The Two+ partnership and forward funding are ways for Cibus to acquire newly developed grocery assets, and we are happy to evaluate more of these opportunities in other geographies. We also continue to trim our portfolio in line with our strategy of 'Converting Food into Yield'" says Christian Fredrixon, CEO of Cibus Nordic Real Estate AB.

Property List

Properties fully acquired by Cibus and respective anchor tenant

Property 1: Jumbo, Koning Leopoldlaan 66, Lommel

Property 2: Lidl, Overbroekstraat 6, Wellen

Property 3: Basic-Fit (Gym), Leuvensesteenweg 656, Schaarbeek

Property 4: Jumbo, Leuvenselaan 477, Tienen

Property 5: Undisclosed grocery tenant, Mechelsesteenweg 28, Mortsel

Properties with a binding sale agreement and respective anchor tenant

Property 6: Action, Chaussée de Charleroi 222, Salzinnes

Property 7: Action, Rue de Liège 251, La Calamine

Divested non-strategic properties and respective anchor tenant

Property 1: Action and Wibra, Zeelaan 104, De Panne