On January 27, 2011, Befimmo reached agreement with the German fund company SEB Investment GmbH for the purchase of the shares of the Ringcenter SA, owner of the 'Pavilion' complex, at 55.3 million.
This complex, completed in 2005, is located in the heart of the Leopold district in Brussels, between the Rue de la Loi, the Rue de Spa and the Rue Joseph II, totaling 18,750 m² of office space, 900 m² of archives and 106 parking spaces. The complex has been valued at 78 million, in line with the investment value determined by an independent real-estate expert.
The European Commission has the whole complex in usufruct, for a residual duration of almost 15 years. The current yield of the usufruct fee is 5.12%.
If no other factors intervene, this operation will generate, on a yearly basis, an increase in Befimmo's EPRA Earnings, of some 0.10/share per year.
This acquisition is in line with Befimmo's pure player investor strategy and contributes to strengthen its revenues and the sound dividend that it is offering its shareholders.
The transfer of ownership of the shares in Ringcenter SA is scheduled for mid-February 2011.