Leasinvest Real Estate expands its real estate portfolio in operation (based on fair value) by 27.1 million euros up to 468.2 million euros.
- Regulated press release
Leasinvest Real Estate acquires 4 sites, of which 3 storage halls and 1 retail building, situated in the province of Antwerp. These acquisitions are part of Leasinvest Real Estate's project to further diversify its portfolio.
Leasinvest Real Estate acquires directly and indirectly 100% of the companies Zebra Trading and Alm Distri and are entirely financed with bank debts.
With the take-over of Zebra Trading Leasinvest Real Estate adds 3 sites to its portfolio:
- A storage and distribution site in Wommelgem of approximately 28,000 m² (including 4,200 m² of offices) let to 8 different tenants for a fixed period of on average 4.5 years. The main tenants are a.o. Vanden Borre, printing Van Inn, Telmar and the SMC Group.
- A storage hall of 8,000 m² situated at an important logistics location in 'transportzone Meer', let to Helios (supplier of horeca accessories) for 8.6 more years fixed.
- A retail building of toyshop retailer Fun in Merksem (Bredabaan) with a surface of 4,800 m². For this building, an agreement was concluded with the former owner, through which Leasinvest Real Estate will have to contribute this building in kind for a value of 3.5 million euros, through the partial splitting-up of Zebra Trading, into real estate fund Retail Estates in exchange for new shares. This partial splitting-up will be finalized, at the latest, before the end of August 2008.
With the participation in Alm Distri Leasinvest Real Estate acquires a storage hall of 5,000 m² in 'transportzone Meer', situated immediately next to the storage building of Zebra Trading, let to Dobla (distribution of chocolate accessories) for a 2.2 years fixed period.
The global fair value of the 4 sites amounts to 27.1 million euros. The total rental income reaches to 1.9 million euro, the average rental yield is 6.9% and the average remaining duration of the total leases till the first break amounts to 4.6 years.
Jean Louis Appelmans, CEO Leasinvest: "The building in Wommelgem with its excellent location and visibility alongside the E34 motorway, at the entrance of Antwerp, were one of the measure attraction elements for us. The business park Kapelleveld in Wommelgem is one of the closest SME-zones to the center of Antwerp. Thanks to the good accessibility and the further projects of the commune of Wommelgem to develop this zone, this is a good investment, also for the longer term.
Leasinvest Real Estate
Jean-Louis Appelmans
CEO
T: +32 3 238 98 77
Real estate fund (sicafi) Leasinvest Real Estate SCA invests mainly in high-quality and well situated offices, logistics and retail buildings in Belgium and in the Grand Duchy of Luxembourg. As of today, the real estate portfolio of Leasinvest comprises 53 buildings, of which 42 are situated in Belgium and 11 in the Grand Duchy of Luxembourg, with a total real estate value of almost 470 million euros.
