What Ascencio does

Ascencio is a publicly listed Belgian retail REIT (Société Immobilière Réglementée / SIR) headquartered in Gosselies, Belgium, founded in 2006 and trading on Euronext Brussels under the SIR regulated regime, with parallel SIIC status in France and SOCIMI status in Spain. The company invests in peripheral commercial real estate across Belgium, France, and Spain, operating a hybrid portfolio composed primarily of supermarkets and retail parks situated in out-of-town locations with easy parking, central accessibility, flexible commercial surfaces, and competitive rents.

The portfolio comprises approximately 100 buildings totaling 455,000 m² and a fair value of €768.6 million as of March 31, 2026. Tenants include national and international retail chains such as Carrefour, Auchan, Delhaize, Grand Frais, Decathlon, Brico, Krëfel, Hubo, Aldi, Maisons du Monde, and ITM/Mestdagh, typically on long-term leases. Internal technology is limited to back-office systems; the 'Connect' project deploys the Adfinity (Easi) integrated real estate and financial management platform across the portfolio, with no disclosed proprietary AI/ML capabilities. Notable sustainability investments include EV-charging partnerships with Powerdot (France) and Allego (Belgium) covering roughly 260 fast-charging points across 24+ sites, plus a BREEAM In-Use Very Good certification target for six retail parks by 2026.

Ascencio generates essentially all revenue from recurring rental income; H1 FY2025/2026 rental income was €27.2 million (~€55 million annual run rate), producing a net result of €19.5 million. Distribution to investors follows the REIT model, with dividends increased for 11 consecutive years. Growth is funded through a mix of debt (44.1% EPRA LTV), capital increases (most recently €15 million via accelerated bookbuilding in June 2026), and property disposals (e.g., Jemappes in 2024). The company is led by CEO Vincent Querton (since October 2017) and CFO Cédric Biquet (since May 2021), with a stated governance and reporting standard evidenced by consecutive EPRA BPR and sBPR Gold Awards and FTSE EPRA Nareit Developed Europe index inclusion.

Name

Ascencio

Legal name

Ascencio

Website

https://ascencio.be

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Ascencio is a publicly listed Belgian retail REIT (SIR) on Euronext Brussels that invests in peripheral supermarkets and retail parks across Belgium, France, and Spain, leasing space to national and international retailers under long-term agreements to generate recurring rental income.

Ownership category

akta.pro rank

Headquarters

HQ city

Gosselies

HQ country

Belgium

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Rental Income: Primary revenue stream from leasing retail park and supermarket spaces to tenants. Stable recurring rental income with long-term lease agreements with national and international retailers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Ascencio is a Belgian publicly regulated real estate investment trust (SIR/GVV) listed on Euronext Brussels that invests in retail parks and supermarkets located in peripheral commercial zones. The hybrid portfolio of approximately 100 buildings and 455,000 m² is leased to national and international retailers under long-term agreements, generating recurring rental income across Belgium, France, and Spain.

Product overview

Ascencio is a Belgian Retail REIT (Société Immobilière Réglementée) listed on Euronext Brussels that operates as a pure-play commercial real estate investment company. The company's core offering consists of retail parks and supermarkets situated in out-of-town peripheral locations across Belgium, France, and Spain. The portfolio comprises approximately 100 buildings totaling 455,000 m² with a fair value of €770 million. Key assets include the recently acquired Espace Shopping Hydrion retail park in Arlon (33,000 m²) and Horizon Provence retail park in Monteux (France). The hybrid portfolio strategy combines retail parks with food-anchored supermarkets to deliver stable rental income with diversification across geographies and tenant types.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Parks Out-of-town shopping centers offering flexible commercial spaces with easy parking and accessibility, primarily occupied by food retailers and national/international retail chains across Belgium, France, and Spain.
• Supermarkets Supermarket properties that form part of Ascencio's hybrid portfolio, providing stable rental income with long-term tenants in the food retail sector across Belgium, France, and Spain.
• Espace Shopping Hydrion (Arlon) A 33,000 m² retail park in Arlon, Belgium, operating at 100% occupancy with approximately €4.5 million in annual rental income and housing about 40 national and international retailers.
• Horizon Provence (Monteux) A retail park in Monteux, France featuring approximately twenty retail units focused on food retailers with sustainability features including photovoltaic panels and EV charging stations.
• Clusters and Standalone Assets Various retail formats including clustered retail centers and individual standalone commercial buildings spread across Belgium, France, and Spain, complementing the retail park and supermarket portfolio.

Quantifiable outcome

• 96.5% EPRA occupancy rate maintained
• +2 more outcomes

Named customers11 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• TétrisminorImplementation/ SI/ Consulting Partner · 2 October 2025Design collaboration with Tétris for Ascencio's new headquarters offices in Gosselies. Tétris designed the office space which received international recognition at the INT Interior Design Awards 2025.
• AllegocoreStrategic or Co-development Partner · 17 October 2024Partnership with Allego to accelerate the installation of fast charging stations for electric vehicles in Belgium. Extends the EV charging infrastructure initiative to Ascencio's Belgian portfolio.
• PowerdotcoreStrategic or Co-development Partner · 29 January 2024Partnership with Powerdot for installation of approximately 260 electric vehicle fast charging points across 24 parking lots in Ascencio's French retail parks. This partnership enhances site attractiveness by transforming them into electromobility hubs while providing new services to local consumers and communities.
• Easi (Adfinity)coreTechnology or Integration · 1 January 2023Implementation of Adfinity integrated property and financial management software (project 'Connect') for the management of real estate and financial operations across Ascencio's portfolio.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Hammerson plc: UK-listed retail REIT (destinations/retail parks) operating in the UK, Ireland, and France. Comparable on premium retail park positioning and food/retail tenant mix.
• Wereldhave NV: Benelux-listed retail REIT operating convenience-anchored shopping centers in the Netherlands, Belgium, and France. Directly comparable on peripheral/convenience retail thesis and food-anchor strategy.
• Vastned Retail NV: Dutch-listed retail REIT focused on high-street and convenience retail in the Netherlands, Belgium, and Spain. Comparable on Benelux/Spain footprint and tenant-quality discipline.
• Carmila SA: French REIT anchored by Carrefour-anchored shopping centers in France, Spain, and Italy. Comparable for the Carrefour-anchored supermarket/retail park hybrid that overlaps with Ascencio's French portfolio.
• Mercialys SA: French retail REIT focused on regional shopping centers anchored by Carrefour and Auchan. Comparable on hypermarket/superstore-anchored retail assets and French exposure.
• Eurocommercial Properties NV: Dutch-listed specialist retail property investor with shopping centers in Italy, France, and Spain. Comparable on European retail focus and tenant-quality emphasis.
• Frey SA: French retail park REIT and developer ("les retail parks") with a portfolio of open-air shopping centers. Closest French pure-play retail park peer; comparable tenant base and out-of-town format.
• Retail Estates NV: Belgian retail REIT of comparable size focused on retail parks and out-of-town supermarkets in Belgium, France, and the Netherlands. Closest pure-play comparable to Ascencio on geography, asset class, and tenant mix.

Broad incumbents

• Unibail-Rodamco-Westfield SE: Europe's largest listed retail REIT with flagship destinations across Continental Europe and the US. Overlaps on French and Spanish retail exposure but operates at much larger scale and a different (flagship/destination) format.
• Klépierre SA: Large French retail REIT operating flagship shopping centers across Continental Europe. Adjacent rather than direct peer — overlapping French/Belgian exposure but focused on larger enclosed malls rather than peripheral retail parks.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ascencio-sca

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ascencio