Cofinimmo, the listed real estate investment company specialised in office properties, today announces the acquisition of the Egmont I building and the land on which will be built the new Egmont II building, adjacent to the Palais d’Egmont. The seller is the Belgian State. The acquisition price, transfer tax included, amounts to EUR 173.7 million. The initial yield of the investment is estimated at 6.15%.
The Egmont I building, located rue des Petits Carmes in 1000 Brussels, comprises about 38,000 m² above ground and 34,000 m² of basement and parking. The Egmont II building, which still has to be built and is located across the street, will offer 16,000 m² of area above ground and 6,000 m² basement and parking. Egmont I will be let to the Régie des Bâtiments of the Belgian State for a period of 18 years, starting on 01.06.2004. Egmont II will also be let to the Régie des Bâtiments for a period starting on the first day of the month after provisional acceptance (estimated at 01.06.2006), and ending the same day as Egmont I. The occupant will be the Public Federal Service of Foreign Affairs, Foreign Trade and Development Aid.
About half of the acquisition amount will be financed by a capital increase in cash, by public subscription