Cofinimmo Group has concluded an agreement with the shareholders of Belgian European Properties SA (BEP) by which it commits to acquire all the shares of this company before 31 March 2006. BEP SA owns an office building complex of about 16,500 m², located in the heart of the Leopold District, a few steps away from the European Parliament.
The complex is composed of two connecting buildings, located along the Square de Meeûs, the rue du Luxembourg and the rue Marie de Bourgogne. There is a liaison from one building to the other on each floor.
Some 7,500 m² are newly built and ready for delivery and about 9,000 m² (on the corner of the Square de Meeûs) have to be entirely renovated. The facade of the second building is classified and therefore has to be protected. Both buildings have a common underground parking of 90 places.
At present, the building is vacant, but its prestigious location as well as the technical quality and finishing of the new construction have already attracted several potential candidates.
After renovation, the investment value of the building would amount to about 60 million, which generates an expected rental yield of about 6.5%.
This acquisition fits with Cofinimmo's current investment strategy, as it allows the Group to reinforce its position in optimal locations.