Intervest Offices portfolio gains € 110.7 million after merger

Intervest Offices announced today the merger of five real estate companies, sc.: APIBI NV/SA, Mechelen Campus NV/SA, Merchtem Cargo Center NV/SA, Puurs Logistics Center NV/SA and Pakobi NV/SA. As a result, the portfolio’s worth climbs from € 501 million to € 612 million.

Intervest Offices, a property investment fund listed on EuroNext Brussels, announced today a merger of five real estate companies with office buildings (in Mechelen, Kortenberg and Diegem) and semi-industrial buildings (in Puurs and Merchtem). The worth of these five buildings totaled € 110.7 million as of 30 June 2002.

The office buildings have a cumulative total area of 38,260 m² and are rented to Deloitte & Touche, Building Agency, Borealis, Vicindo and Passage Fitness, among others. The semi-industrial buildings have a surface area of 62,747 m² and are rented to Fiege Kalff, the European Commission and Doctors Without Borders.

The companies belong to VastNed Offices Belgium, with an eye to purchases for and contributions in Intervest Offices.

In March 2002 (on the order of the public offer on SIREF NV/SA) Intervest Offices announced it had closed an option agreement with VastNed Offices Belgium in relation to the purchase of the shares of two real estate companies, the owners of buildings in Puurs and in Merchtem (i.e. Puurs Logistic Center NV/SA and Merchtem Cargo Center NV/SA).

The Board of Directors of Intervest Offices decided yesterday, together with the five real estate companies that were taken over, to go ahead with the integration of these companies by means of a merger against issue of new shares in Intervest Offices NV/SA in exchange for the totality of the shares in the taken-over companies, i.e. without prior purchase of these shares.

Although Intervest Offices NV/SA’s prescribed conditions were satisfied, there has been decided in a dialogue with Puurs Logistic Center NV/SA and Merchtem Cargo Center NV/SA not to carry out the stated option, thus not purchasing the shares in these partnerships prior to the merger, but to proceed immediately with the merger, given that the competent authorities approve.

Moreover, an agreement was reached with three other companies over a merger, namely Pakobi NV/SA (Kortenberg), APIBI NV/SA (Diegem) and Mechelen Campus NV/SA (Mechelen).

The merger shall have an effective retroactive date of 30 June 2002. 1,427,843 new shares will be created, entitled to dividend as of 1 July 2002.

As a result of the merger, the value of the portfolio grew from € 501 million to € 612 million.

The investment fund announces also the appointment of a new authorized custodian sc. BBL as at 15.03.2003.

(source: Intervest Offices)

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