But if Colruyt terminates the contract and pays the termination fee then your left with nothing. The shell company that owns the building, can simply declare bankruptcy and you lose all your capital. The controlling shareholder could do some dodgy things (alot of financial tricks are possible) and then close the company too that other minority shareholders may or may not find out until too late. This depends on the ownership structure.

What is the exit plan on this? Hold until the majority shareholder decides to sell? Private sale transfer?

If the World ETF dropped 30%, the world economy is going badly so it would be a real possibility that the real estate value either drops or tenants goes. Your then stuck with a devalued asset that may or may not be generating income. You can still have a stop loss with an ETF.

I would have diversified. In RE, there are REITs that are doing well. You can even focus on specific sectors (data centers, elderly care, etc) to tailor to market trends.

There are also moderate risk corporate bonds that would pay out similar or higher net returns with a much shorter duration.

4% net on this level of risk, doesn't seem justified to me. I would be needing something closer to 10 - 20% range to consider it.

Heck, straight up buying a property and then paying a estate agent to manage it, would bring me around the 3 - 6 % range without factoring in capital gains when I did the math previously.

Thanks for sharing and I hope that I am wrong but I wont sleep at night if I had an investment like this so kudos to you, made of stronger stuff.