Home Invest Belgium has signed an agreement for the takeover of the company BE Real Estate S.A., owner of four apart-hotel buildings in Brussels. Thus a total amount of 185 new units will be added to the RREC’s portfolio. The portfolio will continue to be operated under the B APARTHOTELS brand by the company BEAPART S.A., the beneficiary of a leasehold contract for a duration of 27 years.
The buildings will be refurbished by the operator in the course of the first year of the lease, with no material impact on their exploitation. The agreement, which is submitted to conditions precedent, should be finalized before the end of the year. The conventional value of the portfolio has been determined at €36m, “triple net” and indexed rent amounts to €1,8m.
“Entering into the “apart-hotel” sector allows us to acquire high-quality real estate positions. By definition, hotel localizations are often excellent and very central”, comments Nicolas Vincent, Chief Investment Officer of the RREC.
Sophie Lambrighs, CEO, said: “The apart-hotel sector is a natural extension of the classic residential sector. The buildings essentially present similar physical characteristics compared to classic residential buildings. The apartments are very often composed of a room, a kitchen, a bathroom and a living/TV room. In the long-term, they allow (by means of changing the permit) a resale by the unit which perfectly fits within the company’s strategy”.
Romain Avril, CEO B Aparthotels: “The sale of our apart-hotels through the sale of the company BE Real Estate is a major turning point for the future of the B Aparthotels chain, as it will allow us to focus on the exploitation and to release the financial resources needed for our international development. The overall objective remains to reach 30 residences in operation or in development by 2022. With this in mind, Home Invest Belgium will be a preferred partner, especially in the Benelux region”.