Banimmo signed the sale of 100% of the shares of the company Alma Court Invest to an institutional investor. The transaction will be closed and the sale price paid at the end of September 2016.
The company, Alma Court Invest, owns an office building in Zaventem (in the periphery of Brussels) that develops a surface area of 16,000m² over 7 levels. The basement level includes around 280 parking spaces. The building is entirely leased to different tenants. The net selling price is based on a transaction value of around €30 million. In accordance with the transaction, Banimmo will provide a rental guarantee to cover the possible departure of some tenants. In terms of cash, after the reimbursement of the loan that was used to finance this asset, Banimmo will hold around €15 million.
This sale is part of the ongoing sales program that should lead to a sales volume of about €190 million in the next 6 months. Banimmo and the banks participating in the €120 million syndicated credit facility implemented in September 2011 (ING and KBC), also reached an agreement for a new one-year financing that shall replace the syndicated credit facility ending on 5 September 2016.
This agreement will take the form of a contract that shall be finalised at the end of September 2016. This new loan foresees the gradual repayment of the current outstanding debt of €77 million, mainly thanks to the sale of three assets that were initiated by the company: Marché StGermain and Halle Secrétan in Paris, and the Alma Court building in Brussels. In the future, bilateral loans will finance the group's operations, which has already been the case for a number of years.
