Intervest Offices & Warehouses has expanded its real estate portfolio through an investment of 35.8 million via the acquisition of two logistics sites in Flanders. Both sites are located on the important logistics corridor Antwerp - Limbourg - Liège and are easy accessible by the E313 and the E314.
The building is entirely let to UTI Belgium (87%) till 2017 and to Berry Plastics (13%) till 2013. A part of the site, let to UTI Belgium, is used as the European distribution center for Northern Europe for the Estée Lauder company. This acquisition generates rental income for the property investment fund of approximately 1.5 million on an annual basis and contributes immediately to the operating distributable result of the property investment fund.
The acquisition value of this logistics site amounts to approximately 21.5 million (fair value 21.0 million). This acquisition value is in line with the valuation made by the independent property expert of the property investment fund. This acquisition provides Intervest Offices & Warehouses a gross initial yield of 7%.
The purchase price of the shares of the company West Logistics sa amounts to 12.9 million. The transaction is funded from the existing credit lines of the property investment fund and from the take-over of the credit facilities of the company West Logistics sa for approximately 8 million (with a duration till 2017 and 2022).
This transaction was assisted by King Sturge.