Intervest Offices & Warehouses acquires a logistics site of approximately 77,000 m² in Limbourg, Belgium for €33 million (BE)

Within the scope of the strategy that it announced to invest in logistics real estate, the regulated real estate company Intervest Offices & Warehouses has concluded with Machiels Real Estate SA 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.
The transaction falls squarely within the company's strategy of continuing to increase the percentage of logistics real estate within the total real estate porfoio. Without taking into account other current investments and evolutions of the fair value of the existing real estate portfolio, the transaction causes the size of the logistics real estate portfolio of Intervest Offices & Warehouses to increase by 14% to € 275 million, which means that the logistics real estate will constitute 45% of the total real estate portfolio.
Jean-Paul Sols, CEO: “By concluding this important transaction of 77,000 m² of contemporary logistics buildings, we are reinforcing our substantial position on the Antwerp-Liége logistics axis and it is also 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 acquisition is taking place through a partial split with a debt takeover, and compensation is through the issuance of new shares in Intervest Offices & Warehouses. The purchase value of the logistics site amounts to € 33 million, which results in a net contribution value of € 26.2 million after debt takeover. This purchase value is in line with the valuation by the company's independent real estate expert.
Source:Intervest Offices & Warehouses