Intervest Offices has obtained control over Zuidinvest nv, owner of the 'Exiten' office building in Zellik, Belgium, for an amount of €8.490.000, at a gross yield of 7,35%. Exiten has an occupancy rate of 96%.
Exiten is an ideally located office building, highly visible and close to exit 10 of the Brussels Ring road in Zellik. The office is easily accessible with public transport (train and bus connections at walking distance). For years, Intervest Offices is already familiar with this region as its fully rented Inter Access Park is also located here.
Exiten is developed by CIP nv in 2002. The building has an attractive architecture according to the design of the architect's firm M&M Jaspers, J. Eyers and Partners.
The building has a lettable surface of 3.880 m² and is rented for 96% to five tenants, namely Gras Savoye, IFM Electronic, Interelecta, Sapsa Bedding and Interbati. For the vacant space, a rental guarantee has been obtained from the sellers till 30 June 2008. The gross rental income amounts to €624.000 on a yearly basis.
Exiten is a classic, technically advanced office building with a modulation of 1,50 meter. The air conditioning is accommodated with active cooling boxes. The building is equipped with raised floors and is easily subdividable.
Through this investment Intervest Offices takes a first step in its aim to further improve the quality of its portfolio by reinvesting the financial means, recently received from the sale of five office buildings at the end of 2006, in high quality buildings at a proper yield.
Jean-Paul Sols, CEO Intervest Offices, comments, "This acquisition provides us a particular interesting gross yield of 7,35% with a spread rental risk. The investment immediately contributes to the distributable operational result. Furthermore, Exiten is located in a submarket of the Brussels periphery that knows increasing interest from tenants as well as from investors."