Leasinvest Real Estate has acquired, via its 100% Luxembourg subsidiary Leasinvest Immo Lux SA SICAV-SIF, a high-quality real estate portfolio in Switzerland. The portfolio was acquired from European high street retail real estate specialist Redevco.
The acquired retail portfolio consists of 3 very well located retail buildings in the Canton of Vaud in the West French-speaking part of Switzerland.
Two commercial centers are located respectively in the well-developed retail park areas of Etoy (Littoral Park) and Villeneuve (Pré Neuf). The third asset is located on the main retail street of Yverdon-les-Bains along the Lake of Neuchâtel, the second most important city in the Canton of Vaud.
These 3 buildings were acquired for a price of CHF45.6 million (€37.9 mln) (including registration duties and costs). The total portfolio has a surface area of 11,649 m² and is entirely let to international retailers such as Fust (part of the second largest Swiss retailer Coop group), C&A, Casa, JYSK, Maxi Zoo and Heytens. The annual net rental income amounts to CHF2.8 million (€2.3 mln). The commercial center located in Etoy generates nearly half of the portfolio’s revenue while 31% is generated by Villeneuve and 23% by Yverdon-les-Bains.
Through this acquisition, the retail part in the consolidated real estate portfolio of Leasinvest Real Estate further increases to 46% (offices 34%, logistics and semi-industrial 20%). The geographical breakdown of the portfolio is as follows as from now on: Grand Duchy of Luxembourg: 58%, Belgium: 37%, Switzerland: 5%. This acquisition has an average duration of the rental contracts of 5.85 years. The estimated debt ratio would increase from 53.80% (on 30/06/2014) to around 55-56%.
Jean-Louis Appelmans, CEO: “After our successful expansion in the Grand Duchy of Luxembourg, we are very pleased with these first acquisitions in Switzerland, a country benefitting as the Grand Duchy of Luxembourg from a well-performing and stable market situation. Leasinvest Real Estate thus becomes a unique market player, active in the Grand Duchy of Luxembourg, Belgium and Switzerland.”