Mitiska REIM kicks off transformation of seven former Shopping Cora sites in Belgium

Mitiska REIM, the leading specialist investor in European convenience real estate, has completed the acquisition on behalf of the MEREP 3 fund, together with a dedicated co-investment vehicle, of the seven Cora hypermarkets and Shopping Cora galleries in Belgium. With the transaction now closed, the large-scale transformation of these sites is entering a new phase.

The company’s plan is to invest in the sites – located in Anderlecht, Woluwe, Rocourt, Hornu, La Louvière, Châtelineau and Messancy – and transform each location into a modern, successful and sustainable grocery-anchored retail center, designed to meet the needs of shoppers, tenants and local communities.

Each of the former Cora hypermarket spaces will be redeveloped and split into several brand-new stores, including major retail players and a full-service supermarket which are still to be announced. The first stores will open in late January 2026. In the coming days and weeks, further details will be shared about how each site will be transformed.

Since the signing of the SPA earlier this year, significant progress has already been made. Agreements have been reached covering more than 40% of the redeveloped hypermarket areas. Construction companies have been appointed and, in close collaboration with architects and technical consultants, are preparing to start the first refurbishment works as of 1 October 2025.

In the meantime, customers will still be able to shop at the existing Cora stores for everyday groceries and other items. The non-food sections will run liquidation sales offering customers a range of attractive discounts. Importantly, the shops in the Shopping Cora galleries remain open for shoppers throughout and will also be upgraded as part of the wider transformation plan. During the redevelopment works, additional marketing campaigns will be organized to continue attracting visitors.

The transaction has been made possible thanks to the support of Mitiska REIM’s financial partners. Their role was instrumental in ensuring both the financing of the deal and the respect of the social plan for former Cora employees. As part of this plan, a dedicated employment service is being set up by Cora and FOREM, backed by Mitiska REIM, to help inform former employees about new job opportunities with incoming tenants across the sites. This reflects Mitiska REIM’s broader social engagement, in which maintaining and recreating employment is a key driver of its redevelopment strategy.

Axel Despriet, Managing Partner at Mitiska REIM, comments: “With the closing of this transaction, we are now entering the transformation phase of these seven sites. We would like to thank our financial partners, as well as the local and regional authorities, for their support in making this possible and in confirming our development strategy.”

Safeguarding continuity for consumers and tenants

To ensure operational continuity, Galimmo’s operations team will now join Mitiska REIM to continue managing the galleries. This step guarantees a smooth transition for personnel, shoppers and tenants. Mitiska REIM is committed to minimizing inconvenience during the redevelopment, implementing measures to limit noise and disruption.

Mitiska REIM is working closely in collaboration with all stakeholders, including local and regional authorities on permitting and urban planning, and is maintaining regular consultation with current tenants. Improvements in accessibility and mobility will form an integral part of the redesign.

Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, adds: “Our goal with this transformation plan is to bring in a range of new retailers that complement those already in the galleries. In this way, we aim to create a tenant mix that provides shoppers with convenient access to essential everyday needs, in a modern and attractive retail environment. With agreements already secured for more than 40% of the redeveloped space, we are building strong momentum. More new tenants will be announced over the coming weeks.”