Intervest Offices & Warehouses acquired a strategic logistics site with a future sustainable redevelopment potential of 70.000m² in Liege, Herstal.
The site is conveniently located, close to all major European motorways, towards Germany, the Netherlands, France and Luxembourg, as well as close to Liege airport, with multimodal access forming a cluster with Intervest’s adjacent property. As such, following the previous acquisition of an adjacent site in 2022, the existing site will be extended once again with around 160,000m² becoming available for development. The site was fully leased upon acquisition, at an annual rent of €1,27m, with various terms to allow flexibility in responding to the development potential of the site.
Intervest has acquired control of the company Industrial Logistic Warehousing Services SPRL (ILWS), owner of the entire logistics site in Herstal. The acquisition will be done in two phases. By August 3rd 2023, a 74,35% control percentage of the company ILWS has already been acquired. The second part of the acquisition (the remaining 25,65%) is expected to be executed in 2024.
The acquisition of the entire logistics site with an overall real estate investment value of €29m, in line with the valuation by the company’s property expert, will be financed 54,83% through a non-cash contribution within the framework of the authorised capital and the remaining 45,17% through Intervest’s existing credit lines with financial institutions and by taking over the credit facilities of the company ILWS for approximately €3.5m.
