Leasinvest divests an important part of its logistics portfolio
Leasinvest Real Estate announces the signing of a binding agreement - subject to limited conditions precedent - for the granting of a leasehold of 99 years on three of its logistics buildings in Belgium in favor of a foreign real estate fund for a value of over € 60 million, which is in line with the fair value estimated on 31 March 2017.
The three concerned buildings for a total surface of 80,000 m² of storage space and 8,000 m² of offices are 100% leased to high-quality tenants and consist of the buildings located in Tongres (Heesterveldweg leased to SKF), Wommelgem (Nijverheidslaan leased to different tenants among which Van Inn and Vanden Borre) and Neder-over-Heembeek (Canal Logistics phase 1, Vilvoordsesteenweg leased to a/o Doctors Without Borders and Ziegler).
The sale will lead to a lower debt ratio by approximately 2.5 percentage points which will be only manifested in the course of the third quarter given that the notarial deed will be passed in the course of the third quarter of 2017.
For the transaction, Leasinvest Real Estate was assisted by CBRE, Jones Lang Lasalle and law firm Eubelius, and the foreign real estate fund was assisted by Savills.
Jean Louis Appelmans, Chief Executive Officer:
"In combination with the already announced sale of the Vierwinden building in Zaventem, realized on 13 June 2017, and the planned sales of the building located Prins Boudewijnlaan in Kontich end 2017, the main part of our logistics real estate portfolio in Belgium is divested. The freed-up financial resources will be used to sustain our growth in the offices and retail segments, in accordance with our current geographical diversification."
For more information, contact Leasinvest Real Estate Leasinvest Real Estate Jean-Louis Appelmans Michel Van Geyte Chief Executive Officer Chief Investment Officer T: +32 3 238 98 77 T: +32 3 238 98 77 E: jeanlouis.appelmans@leasinvest.be E: michel.van.geyte@leasinvest.be
On LEASINVEST REAL ESTATE SCA Public BE-REIT (SIR/GVV) Leasinvest Real Estate SCA invests in high quality and well-located retail buildings and offices in the Grand Duchy of Luxembourg, in Belgium, in Switzerland and in Austria. At present the total fair value of the directly held real estate portfolio of Leasinvest amounts to € 895 million on 31 March 2017, spread across the Grand Duchy of Luxembourg (51%), Belgium (40%), Switzerland (5%) and Austria (4%). Moreover, Leasinvest is one of the most important real estate investors in Luxembourg. The public BE-REIT is listed on Euronext Brussels and has a market capitalization of over € 518 million (value 16 June 2017).
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