Befimmo disposes of Empress Court building for €51 million (BE)

This 28 June 2010, Befimmo received from Société Vivaqua an irrevocable tender offer for its Empress Court building near completion for a net price of €51 million. Befimmo has accepted this offer. However, a provisional sale agreement in due form has yet to be drafted and finalised between the two parties.

The building, located at Boulevard de l'Impératrice 17-19, 1000 Brussels, has been part of Befimmo's property portfolio since it took over the Cibix Sicafi in 2001. Since the departure of the tenant - Belgacom - in October 2008, Befimmo has had major renovation works undertaken in the building due to be completed early in 2011.

This disposal, once finalised, is expected to generate a result of roughly €0.70/share.

This transaction is further evidence of Befimmo's active management of its real estate portfolio.

Source: Befimmo

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