AXA Belgium and real estate ‘bevak’ Leasinvest Real Estate (Leasinvest RE) have come to a framework agreement to support the growth of the real estate portfolio of Leasinvest Real Estate. AXA Belgium will accede to the capital of Leasinvest Real Estate by bringing in property and the emission of shares of the ‘bevak’. Therewith, AXA Belgium becomes the most important participant of Leasinvest Real Estate.
The portfolio of Leasinvest Real Estate has been divided geographically (Brussels, Antwerp and Ghent) as well as in products (offices, semi-industrial, logistics and retail). Due to the investment AXA Belgium disposes of liquid real estate assets that better fit the investment profile of certain portfolios. Since the admitted financing is 50 percent, the intended participation of AXA enables Leasinvest Real Estate to invest € 120 million extra at the longer term.
Leasinvest, which is the real estate division of Ackermans & Van Haaren, now has a participation of 40.77% in Leasinvest Real Estate. If the investment program will be realized completely, Leasinvest and AXA Belgium will both have a participation of approximately 29% in Leasinvest Real Estate. AXA Belgium wants to be represented in the board of the branch manager. The principle agreement enhances the precedent condition of the admittance of the CBFA of the separate phases of the intended investment.
On 31 March, 2004 the investment value of Leaseinvest RE amounted to € 264.3 million. The portfolio represents a surface of over 180,000 m², situated on fourteen different sites and spread over 35 buildings. The real estate ‘bevak’ is listed at Euronext and has been taken up in the NextPrime segment in January 2002. Leasinvest Real Estate has a market capitalization of € 156.9 million (value date: 14 Juli 2004). AXA Belgium is the Belgian insurance division of AXA.