VastNed Offices/Industrial acquiresMechelen Tower (BE)

Dutch based office property investor VastNed Offices/Industrial has acquired the properties Mechelen Tower and building F, both located in the business park Mechelen Campus, for €27.9 million.

The acquired office buildings have a combined floor space of 15,400 m², 12,800 of which is taken up by Mechelen Tower and 2,600 ² by building F, located in the same office park. These objects mark the completion of the trailblazing office park Mechelen Campus, which other office buildings are already owned by the subsidiary company Intervest Offices. The properties are leased for approximately 80% at an average rent of €120 per m².

Mechelen Tower is leased to Borealis, a leading internationally operating producer of plastics. A rent guarantee for the vacant office space has been provided by the seller, project developer Macquarie Goodman, which expires at June 30, 2009. Building F is fully leased to the pharmaceutical company Tibotec, a subsidiary of Johnson & Johnson. The office properties will be delivered on June 30, 2007, and will contribute to the direct investment result as from that time. The average net initial yield for the two properties is approximately 7.5%.

Source: VastNed Offices/Industrial

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