On 22 March 2006 Dexia Bank Belgium and Ethias group have sold their joint controlling interest of 51.13% in the listed sicav Dexia Immo Lux (DIL) and their share of 100% in Dexia Immo Lux Conseil SA for an amount in cash to Leasinvest Real Estate (LRE). The capitalisation and distribution shares of DIL are listed on the Luxembourg stock market and on Euronext Brussels. Leasinvest Real Estate paid €3,150.20 per capitalisation share and €1,467.57 (coupon nr. 15 detached)[1] per distribution share, or a total amount of approximately €111 million for the total of the controlling interest of 51.13% in DIL.
Public offering of acquisition
Leasinvest Real Estate has agreed to launch a voluntary public offering, at the same conditions, in Belgium and in the Grand Duchy of Luxembourg, on all remaining capitalisation and distribution shares (coupon nr. 15 detached) of DIL. Therfore a file has been submitted today to the Banking, Finance and Insurance Commission and to the 'Commission de Surveillance du Secteur Financier'.
The offer is subject to the suspensive condition that Leasinvest Real Estate acquires, after the end of the offering, directly or indirectly, 67% of the shares issued by DIL and more than 50% of the distribution shares of DIL.
In case of acquisition of 100% of the remaining shares of DIL, the total investment, within the framework of the abovementioned public offer , amounts to €66.3 million.
Dexia Immo Lux
Dexia Immo Lux (DIL) is a real estate investment fund with variable capital (sicav) established in the Grand Duchy of Luxembourg. DIL owns 13 buildings, exclusively situated in the Grand Duchy of Luxembourg. Most of the buildings are multi-tenant and they consist of offices mainly situated in the City of Luxembourg (78%), 1 semi-industrial building at Cloche d'Or (14%) and two supermarkets in the periphery (8%). Geographically the buildings are well spread across the City of Luxemburg (78%) and the periphery (22%). The occupancy rate is 94.39% and the total surface amounts to 48,651 m². The actual rental yield compared to the fair value is 7.04% and compared to the investment value is 6.87% and the weighed average duration of the leases 2.66 years.
Growth and diversification of Leasinvest Real Estate
By this important acquisition the consolidated real estate portfolio increases beyond €400 million [2].
Due to the higher economic growth and the lower vacancy rate in the Grand Duchy of Luxembourg (below 6%), the Luxembourg market offers a good diversification and investment opportunity for Leasinvest Real Estate.
Thanks to this acquisition Leasinvest Real Estate is the only Belgian sicafi which will have invested in such an important way as well in Belgium as abroad, i.e. in the Grand Duchy of Luxembourg
Leasinvest Real Estate
Real estate fund Leasinvest Real Estate SCA invests in high-quality and well-situated buildings: offices, logistics and retail in Belgium and in the Grand Duchy of Luxembourg. The fair value on 31 December 2005 amounted to €272.24 million and the investment value to €279.21 million. The portfolio in Belgium represents at this same date a surface of 192.000 m², in 13 locations and spread across 37 buildings.
The real estate fund is listed on the Euronext in the Next Prime segment. Leasinvest Real Estate SCA. has a market capitalization of €208.8 million (on 21 March 2006).
[1] Minus the part of the gross dividend - which will be declared during the ordinary meeting of shareholders (27/04/2006) of the financial year ended on 31/12/2005 of DIL - which would amount to more than €70.
[2] This consolidated real estate portfolio takes into account the integral (100%) consolidation of the 51.13% interest in Dexia Immo Lux.
Source: Leasinvest Real Estate
