Cofinimmo has announced the conclusion of three transactions, of which the acquisition of the shares of Media Corner SA, owner of the new building RTL House in Schaerbeek and two development projects in Brussels (Groot-Bijgaarden) and Antwerp (Singel). All three projects represent an investment value of €137 million. The average initial rental yield aimed will amount to approximately 6.3%. These acquisitions fit precisely in Cofinimmo's strategy to invest in office buildings occupied on a long-term basis and to present new office surfaces to potential clients as well as additional flexibility to existing clients wishing to extend their office surfaces.
RTL House In Brussels
Cofinimmo has finalized the acquisition of 100% of the shares of Media Corner SA, a 100% subsidiary of RTL Group. Media Corner SA owns the building RTL House, situated Avenue Jacques Georgin 2 in 1030 Schaerbeek, on the corner with Chaussée de Louvain. The building accommodates the offices and production studios of RTL Group. Its subsidiaries have signed a lease agreement of 15 years firm with Media Corner SA.
RTL House counts 18,000 m², spread over two wings separated by a passageway for cars. About 3,500 m² have been converted into production studios, with a height corresponding to two office floors. The building is well conceived and equipped with high-end technologies, raised floors and an air-conditioning system operating through cold ceilings. It offers 340 parking places.
On the other hand, Cofinimmo has signed a purchase agreement for 100% of the shares of Noordkustlaan SA, owner of a plot of land (Noordkustlaan 18 in 1702 Groot-Bijgaarden) with an office building that will be entirely renovated. The building will count around 10,000 m² and will offer 312 parking places. Located at the entrance of Brussels, alongside the E40 Ostend-Brussels, it will offer both an excellent visibility and accessibility. Cofinimmo has undertaken to acquire Noordkustlaan SA after delivery of the works foreseen in the course of 2009. Today, the building is not yet let and will be actively commercialised.
Cofinimmo has also signed a purchase agreement for 100% of the shares of City-Link SA, owner of a plot of land on which four office buildings will be built. The site, which also includes a residential project, is situated Roderveltlaan in 2000 Antwerpen, close by the Singel and the Berchem train station. The four buildings will offer 25,000 m² of office surfaces and 566 parking places.
The location close by the Singel and the Ring of Antwerp will give its occupants immediate access to multiple highways. The new railway station of Berchem, very nearby the site, enables an easy access with public transport. The building presents an excellent visibility and a good parking ratio for this district. Cofinimmo has undertaken to acquire City-Link SA after delivery of the works foreseen for the second half of 2009. Today, the buildings are not yet let and their commercialisation has been started.
Besides those investments, Cofinimmo announces it has assigned a long leasehold for a period of 99 years on its seven buildings on the Antwerp Singel, namely Lemanstraat 27, Plantin & Moretus, Quinten, Regent, Royal House, Uitbreidingstraat 2 and Uitbreidingstraat 10. The pr