Leasinvest Real Estate has concluded an agreement for the acquisition, subject to the realisation of a number of suspensive conditions, of a logistics site situated near Brussels. This project will be built by real estate developer De Paepe Group and realised by mid-2009. This acquisition is fully in line with the further diversification plans of Leasinvest.
Leasinvest Real Estate has concluded an agreement to acquire, directly and indirectly, 100% of the company Canal Logistics Brussels SA during the second half of 2009. This acquisition is subject to a number of suspensive conditions, a.o., regarding obtaining the necessary permits, regarding the environmental legislation and regarding the provisional completion of the sites mentioned hereafter.
With this planned take over of Canal Logistics Brussels Leasinvest Real Estate will add to its real estate portfolio an important future logistics and distribution site in Neder-over-Heembeek of more than 50,000 sqm of storage and 2,500 sqm of offices.
Taking into account that this project will be the only state-of-the-artlogistics site of this size on Brussels' territory, Leasinvest Real Estate and Canal Logistics are confident that tenants will be attracted within a short term. The expected fair value of these sites will fluctuate between 34 and 38 million euros. The final acquisition price will be defined based on the rental situation after the fulfilment of the suspensive conditions.
Given the current fair value of the total Leasinvest Real Estate portfolio of 468.2 million euros and the expected fair value of this future acquisition, the total portfolio could increase to approximately 506 million euros.
Jean Louis Appelmans, CEO Leasinvest Real Estate: "With the acquisition of this 50,000 sqm strategically well located site, we realise already the 2nd transaction within a couple of weeks which brings the total available space to approximately 309,500 sqm. This will be a good investment with potential capital gains in the longer term."
Leasinvest Real Estate
T: +32 3 238 98 77
Leasinvest Real Estate
Real estate investment trust Leasinvest Real Estate SCA invests in high-quality and well situated office, logistics and retail buildings in Belgium and the Grand Duchy of Luxembourg. At present, the real estate portfolio 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 nearly 470 million euros.