Cofinimmo finalises acquisition of Tour Albert in Charleroi (BE)

Cofinimmo has announced that, in accordance with the agreement signed in August 2003, it proceeded with the acquisition of all shares in SA Espace Sainte Catherine, owner of the building 'Tour Albert' in Charleroi (in the south of Belgium).

Tour Albert, Charleroi, Belgium.

The acceptance of the building by the Régie des Bâtiments (Belgian State) after its renovation, allowed Cofinimmo to proceed with the transfer of the ownership of and the payment for the shares of SA Espace Sainte Catherine. The sellers are the companies Kairos NV and Kempense Vastgoed en Holdingmaatschappij NV.

This building, located Place Albert Ier, 4 in 6000 Charleroi, offers an office space totalling 20,500m² and is fully let to the Régie des Bâtiments under a contract with a residual 22.5-year maturity. It is occupied by the local services of the Ministry of Finance. The investment value of the building is EUR 37.7 million which will generate a gross initial rental yield of 7.70%.

The acquisition of this building fits precisely with Cofinimmo'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.

In a difficult real estate market context, Cofinimmo is pleased with the attractive conditions of this acquisition, the rental growth it will generate as well as the extension of the average maturity of the portfolio thanks to a long term contract with a first quality tenant.

Source: Cofinimmo

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