Cofinimmo, the real estate investment company specialised in offices, today announces the acquisition of the SA Espace Sainte Catherine, from the companies Kairos N.V. and Kempense Vastgoed en Holdingmaatschappij N.V.
The company Espace Sainte Catherine owns the building Ã¢â¬ËCentre AlbertÃ¢â¬â¢, located Place Albert Ier, 4 in 6000 Charleroi. This building comprises office space totalling 20,500mÃÂ² and is let to the RÃÂ©gie des BÃÂ¢timents (Belgian State) under a 25-year lease contract ending on December 31, 2027.
The purchase price of the shares will depend on the value of the building after renovation, which is estimated at some EUR 30 to EUR 40 million (investment value). The value will be set after final setting of the rental price. The initial rental yield for Cofinimmo from this investment will be between 7.5% and 8.0%.
In accordance with the lease contract signed with the RÃÂ©gie des BÃÂ¢timents, the building is to be completely renovated, without the occupants having to vacate the premises. These occupants comprise mainly services of the Ministry of Finance. It is foreseen that the works will end on January 1, 2005.
Transfer of ownership and payment, by Cofinimmo, of the shares in the company Espace Sainte Catherine SA will only take place upon acceptance of the works by the RÃÂ©gie des BÃÂ¢timents.
The acquisition of this building fits precisely with CofinimmoÃ¢â¬â¢s current investment strategy, which prioritizes the acquisition of properties either in Brussels or elsewhere in Belgium provided that these are rented on a long-term basis.
CB Richard Ellis acted as adviser to the vendor companies for this transaction.
Source: Cofinimmo S.A.