Leasinvest Real Estate has concluded an agreement for the acquisition, subject to the realization of a number of suspensive conditions, of a logistics site situated near Brussels. This project will be built by real estate developer De Paepe Group and realised by mid-2009. This acquisition is fully in line with the further diversification plans of Leasinvest.
Leasinvest Real Estate has concluded an agreement to acquire, directly and indirectly, 100% of the company Canal Logistics Brussels SA during the second half of 2009. This acquisition is subject to a number of suspensive conditions, a.o., regarding obtaining the necessary permits, regarding the environmental legislation and regarding the provisional completion of the sites mentioned hereafter.
With this planned take over of Canal Logistics Brussels Leasinvest Real Estate will add to its real estate portfolio an important future logistics and distribution site in Neder-over-Heembeek of more than 50,000 m² of storage and 2,500 m² of offices.
Taking into account that this project will be the only state-of-the-art logistics site of this size on Brussels' territory, Leasinvest Real Estate and Canal Logistics are confident that tenants will be attracted within a short term. The expected fair value of these sites will fluctuate between €34 and 38 million. The final acquisition price will be defined based on the rental situation after the fulfilment of the suspensive conditions.
Given the current fair value of the total Leasinvest Real Estate portfolio of €468.2 million and the expected fair value of this future acquisition, the total portfolio could increase to approximately €506 million.
Jean Louis Appelmans, CEO of Leasinvest Real Estate, comments: "With the acquisition of this 50,000-m² strategically well located site, we realize already the second transaction within a couple of weeks which brings the total available space to approximately 309,500 m². This will be a good investment with potential capital gains in the longer term."