Intervest Offices & Warehouses acquires a logistics site of approx. 52.000 m² in Liège (BE)

Within the scope of its strategy to invest in logistics real estate, the regulated real estate company Intervest Offices & Warehouses concluded an agreement, regarding the acquisition of a logistics site of approximately 52.000 m² in Herstal (Liège) for € 28.6 million.
This transaction represents a further step within the company’s strategy of continuing to increase the percentage of logistics real estate within the total real estate portfolio.
Without taking into account other current investments and evolutions of fair value of the existing real estate portfolio, this transaction causes the size of the logistics real estate portfolio of Intervest Offices & Warehouses to increase further by 10% to €304 million, which means that logistics real estate will constitute 48% of the total real estate portfolio. The occupancy rate of the logistics portfolio increases herewith to 92%.
By concluding this important transaction of 52.000 m² of contemporary logistics buildings, Intervest Offices & Warehouses is reinforcing its position on the Antwerp- Limbourg-Liège logistics axis and it is also a first step on one of the best locations in the region of Liège. Simultaneously it is again an important step towards expanding in the short term the percentage of Intervest Offices & Warehouses’ logistics portfolio to 50% of the total real estate portfolio.
The site was developed in different stages. The first buildings were constructed in 2001 and the most recent buildings were finished in 2008. The total size of the site includes 47.579 m² of storage space, 4.389 m² of offices, technical and social space, 17.651 m² outside storage space and a large parking.
At the moment of the acquisition the site is entirely let, of which 84 % on the long term to Vincent Logistics and Cooper Vision and 16 % on the short term to Parker Legris. The average weighted duration of the lease agreements amounts to 8 years with a first interim expiry date after 5 years on average. For Vincent Logistics, the main tenant, this site is the central location from which all its activities are coordinated. This transaction generates for Intervest Offices & Warehouses as from today a rental income of approximately € 2.6 million on annual basis and contributes immediately to the operating distributable result of the company.
Source: Intervest Offices & Warehouses