Cofinimmo acquires building complex 'Mechelen Station' for €54.7m (BE)

The Cofinimmo Group has announced the acquisition yesterday of the new building complex «Mechelen Station». The group of buildings «Mechelen Station» is ideally located right next to the train station of Mechelen (Stationsstraat 100-120, 2800 Mechelen), a city located at half distance between the two main office markets of Brussels and Antwerp.

The complex comprises 28,711m² offices, 2,073m² archives and 402 parkings. The majority of the office surfaces (86%) is let for minimum 9 year to different tenants of which OVAM (Public Waste Agency of Flanders), which signed a lease agreement of 18 year for 51% of the office surfaces. The remaining surfaces (14%) benefit from a rental warranty of 6 year from the sellers.

The investment value of the complex «Mechelen Station» amounts to €54.7 million and will generate an initial gross rental yield of 7.12%. Cofinimmo invests in an asset presenting an attractive yield, which is let on the long term essentially to quality tenants.

The transaction occurs through the acquisition in cash of 100% of the shares of the companies Mechelen Kantoren Vastgoed NV, Mechelen Kantoren Vastgoed I NV and Parking Exploitation et Développement NV, the owners of the complex.

This acquisition fits in with Cofinimmo's investment strategy, as it allows the Group to invest capital under attractive financial conditions, to extend the average firm duration of its lease portfolio and to reinforce its position in optimal locations.

Source: Cofinimmo

Related News