AXA Belgium and real estate fund Leasinvest Real Estate (Leasinvest RE) have signed a Head of Terms in order to support the growth of the real estate portfolio of Leasinvest Real Estate. AXA Belgium will participate in the capital of Leasinvest Real Estate by future contributions of real estate against the creation of new shares of the real estate fund.
The entry of AXA Belgium as an important shareholder of Leasinvest Real Estate proves the confidence of this institutional investor in the strategy and the management of the real estate fund. The portfolio of Leasinvest Real Estate is diversified geographically (Brussels, Antwerp and Ghent) as well as productwise (offices, semi-industrial, logistics and retail), which explains the interest of AXA Belgium. Also, this additional investment in shares provides AXA with liquid real estate assets allowing to better respond to the investment criteria of certain portfolios.
As the authorised debt ratio amounts to 50%, the intended participation of AXA will allow Leasinvest Real Estate to additionally invest € 120 mio over time.
Leasinvest SA (the real estate branch of Ackermans & van Haaren) holds at present 40.77% of Leasinvest Real Estate. Upon completion in full of the investment program, Leasinvest SA and AXA Belgium will each own a participation in Leasinvest Real Estate of approximately 29%.
The shareholder structure of Leasinvest Real Estate Management SA, the statutory manager of Leasinvest Real Estate, undergoes no modification and remains a 100% branch of Leasinvest SA. AXA Belgium will however be represented in the board of directors of the management company.
This Head of Terms has been signed subject to the approval by the CBFA of the successive steps of the investment project.
Leasinvest Real Estate SCA
Real estate fund Leasinvest Real Estate Comm. VA invests in high-quality buildings (offices, logistics and retail) located in the Brussels/Ghent/Antwerp triangle.
The investment value on 31 March 2004 is 264.3 million EUR. The portfolio represents an area of more than 180,000 m2, at 14 different locations and spread across 35 buildings.
The real estate fund is listed on Euronext and was included in January 2002 in the Next Prime segment. Leasinvest Real Estate Comm. VA has a market capitalisation of 156.9 million EUR (value 14 July 2004).
AXA Belgium SA
50 million people and companies throughout the world rely on AXA to insure their property, protect their family or their workforce as regards health & benefits and manage their private or corporate assets. AXA is the second Insurer and fifth Bank in Belgium, with over 6,000 employees.