Warehouses De Pauw, the Belgian closed-end real estate investment company, has signed an agreement in principle for the acquisition of two sites from the European lighting group Partners in Lighting International NV with a total investment value of nearly €37 million.
Both sites are situated at top logistic locations in Belgium and France, on the E19 on the Brussels-Antwerp route in Kontich and in Templemars on the A1 close to Lille, France. The sites have a combined total of more than 70,000 m² buildings. The site in Kontich consists of an industrial area of 160,000 m² with a property of 56,000 m². The site in France consists of an industrial area of 44,000 m² and a property of 14,000 m². An immediate expansion is already planned for this site with a new construction of 5,000 m².
The PLI group will rent both sites from WDP starting on September 1, 2006 on a fixed 15-year contract. The basic value of both sites combined is €2.75 million. This realises an initial return of 7.5%.