Retail Estates Leen Bakker gets court protection in Belgium
Leen Bakker België NV is currently under judicial protection as of 14th August 2025 and seeks buyers for its 44 stores to avoid closure. We believe this will have a limited impact on Retail Estates that leases 11 retail properties to Leen Bakker in BE. This makes up 1.39% of the rental income, while there are no arrears. The chain is owned by private equity company Gilde that bought it from Blokker Holding in 2017 and merged it with Kwantum. Both are related to home furnishing and rely on out-of-town showrooms. We believe that the competition in this segment has increased with new formats like Jysk and Juntoo expanding. For example, Jysk expanded to 69 stores in BE since its entry in 2016 and plans to grow to 125. At the last annual report, RET rents to Juntoo 6x and Jysk 11x. Typically in past restructurings, RET works together with the court to find new tenants and offers up to 3 months of free rent to set up shop. In the past, this has protected their occupancy% through numerous bankruptcies. We maintain our accumulate rating.Retail Estates is a niche fixed-capital real estate investment fund that invests in retail properties located on the periphery of residential areas or along access roads to urban centers. Co. buys properties from third parties or builds and markets shop premises for its own account. The outlets have a built on surface areas of between 500m2 and 3,000m2. A typical retail property has an average surface area of 1,000m2. As of Mar 2010 Co. had 399 premises in its portfolio. The retail lettable area amounted to 398,754m2.
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