Leasinvest Real Estate has acquired an important retail park in Austria. The Frun retail park in Asten was opened end October 2013 and developed by De Vlier Retail Development, who launched the Frun shopping concept in 2000, in collaboration with Focus Real Estate, specialized in real estate developments and investments. This innovative concept is based upon the construction of a harmonious architectural ensemble surrounding a large, central, free parking area, and uniting a mix of national and international brands. This approach strengthens the commercial efficiency and sustainable development of the park.
CBRE intervened in the realization of this transaction.
Jean-Louis Appelmans, CEO of Leasinvest Real Estate: "The acquisition of this successful retail park in Austria represents a unique opportunity for Leasinvest, within its strategy of focussing on retail and geographical diversification, to enter a new stable European market. The additional rental income, spread across nearly 30 different tenants, will consequently positively influence the results over 2017."
The Frun retail park in Asten is located at 200km of Vienna and nearby Linz and comprises 18,300m² with 26 shops and 600 parking spaces. It is a recent retail park that was delivered on 30/10/2013 and that is very successful. All shops are let to both international and local retailers such as C&A, Intersport, Spar, Action and Zeeman.
This acquisition represents a fair value of €38m with an annual rental income of €2.3m, resulting in an increase of the total fair value of the real estate portfolio of Leasinvest Real Estate (including the participation in Retail Estates) to over €930m. The direct real estate portfolio (excluding the participation in Retail Estates) is spread across 48% retail, 37% offices and 15% logistics, and is located for 49% in the Grand Duchy of Luxembourg, 41% in Belgium, 5% in Switzerland and 5% in Austria.
The funding of this acquisition was entirely secured by using undrawn available credit lines. The debt ratio will consequently amount to 57%.
