Intervest Offices & Warehouses acquires logistic property for €33 million (BE)

Regulated real estate company Intervest Offices & Warehouses concluded with Machiels Real Estate SA on 6 November 2014 an agreement, containing a number of customary suspensory conditions, for the acquisition of a logistics site of approximately 77.000 m² in Opglabbeek for €33 million, through a partial split with a debt transfer, and compensation through the issue of new shares in Intervest Offices & Warehouses.
The extraordinary general meeting of shareholders of Intervest Offices & Warehouses has given on 22 December 2014, its approval for the transaction leading to a capital increase of €26,2 million (rounded) and the issue of 1.366.564 new shares INTO.
This transaction has strengthened Intervest Offices & Warehouses shareholders’ equity by approximately €26,2 mln of which an amount of approximately €12,5 million has been attributed to the item “share capital” and an amount of approximately €13,7 million to the item “share premium”.
The object of the transaction is a modern logistics complex of warehouses with accompanying limited office facilities and vast grounds in the logistics hot spot of Genk-Opglabbeek, which lies in the Antwerp-Limbourg-Liège logistics corridor. The total size of the site includes 70.822 m² of storage space, 4.072 m² of mezzanine and 2.549 m² of offices and social space, and approximately 12.000 m² of development terrain. This transaction generates as from the acquisition rental income of approximately € 2.7 million on annual basis (if fully let approximately €3,2 million). The site also provides additional possibilities to develop approximately 55.000 m² of storage space with accompanying offices, to which Intervest Offices & Warehouses has a pre-emptive right.
Intervest Offices & Warehouses and Machiels Real Estate will join their commercial forces for these future developments.
Source: Intervest