Media Gardens project: Transfer of IDM A company to Aedifica (BE)

On May 13, 2011, ATENOR GROUP sold the shares in the company IDM A, the owner of an apartment building in the project Media Gardens in Schaerbeek, to the residential real estate investment trust (sicafi) Aedifica.

This transaction is the outcome of an agreement of November 15, 2007 signed between Atenor and Aedifica. The provisional acceptance of the construction works was granted on 3 May, in compliance with the schedule that had been determined.

Commercialized under the name 'Résidence de Gerlache', the building consists of 75 residential units (studios and apartments with one to three bedrooms and a surface from 42 to 128 m²) distributed over five levels, four commercial spaces, one space for a liberal profession and 72 underground parking places for a total built area above ground of around 6,947 m². The current standards in effect concerning energy performance make this a low‐energy building (K31).

The transaction value amounts to €14.1 million. An adjustment of the transfer value is scheduled a year from now. Said adjustment will depend on the inflation rate and the commercial success.

Atenor gave Aedifica a rental guarantee of nine months. Until now, more than 35% of the units have already found tenants, expressing their interest in the excellent location of the site and the environmental qualities of the building.

This operation will contribute favorably to the results of Atenor Group for the financial year 2011. A more precise indication will be provided in the intermediary press release of the first quarter 2011 to be released on May 19, 2011.

Source: Atenor Group

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