Cibus expands Belgian portfolio, acquires One+ and launches JV

Cibus Nordic Real Estate fully acquired One+, a Belgian property company, by purchasing the remaining 69.35% of its shares from developer TS33, making Cibus the sole owner.

One+ asset in Deurne

Cibus launched a new 50/50 joint venture with TS33, named Two+ NV, which will concentrate on acquiring newly constructed, grocery-anchored properties in Belgium. This partnership also grants Cibus the right of first refusal on all future TS33 retail developments in Belgium, securing a pipeline of grocery stores.
Through the One+ acquisition, Cibus now wholly owns five Belgian retail assets, totaling around 19,100 m2, valued at €38.6 mln. Grocery tenants account for 64% of the rental income from these properties, with the remaining income from discounters, a pharmacy, a gym, and a small office. While the One+ portfolio initially comprised seven assets, two discount retail properties are under a binding sale agreement, expected to close by year-end 2025. The portfolio currently boasts a 100% economic occupancy rate.
Furthermore, Cibus is streamlining its portfolio by divesting three non-strategic assets in Belgium in De Panne, Lanaken, and Oostende. These properties, leased to non-food discounters and a gym, total 4,380 m2 and were valued at €5.9 mln. These sales, completed between mid-September and mid-October 2025, were executed as property deals with an overall value exceeding their book value.
Christian Fredrixon, CEO of Cibus Nordic Real Estate, said: "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."