AG Real Estate, previously known as Fortis Real Estate, said that its counter-offer to acquire all the certificates backed by a part of the Westland shopping centre in Anderlecht, Brussels has proven a success with the purchase of nearly 18,000 certificates at the end of the offer period (January 14).

After the transaction, the company owns 46.52% of the certificates issued by Certificat Foncier.

AG Real Estate, the real estate arm of AG Insurance, launched a counter-offer for the Westland mall in December last year, shortly after the announcement of a takeover bid by Atenor of EUR 825 per 1980 certificate. Belgian group AG RE offered EUR 867 and 295 for the 1980 and 2004 certificates, representing a premium of 5% on Atenor's bid.

The 38,420 Westland 1980 real estate certificates were issued in 1980 and are listed on NYSE Euronext Brussels. The certificates give the holders the rights to rental income minus costs until 2036, after which they will be trasferred to AG Real Estate which has the exploitation right until 2070.

The 2004 certificates were brought on the market after the shopping centre was expanded seven years ago.