VastNed Offices/Industrial property sale reduces vacancy (NL)

VastNed Offices/Industrial sells vacant distribution center 'Distriboulevard Moerdijk' in Moerdijk, the Netherlands. The sale, which was already announced at the publication of the 2005 first quarter results, concerns the distribution centre located on 25 Distriboulevard in Moerdijk, the Netherlands (approx. 20,000 m² of industrial floor space and 2,000 m² of office/showroom floor space).

The center was vacated at the end of 2003 after the then tenant's bankruptcy. Loss of rent could be compensated for approximately 12 months by collecting a bank guarantee. The property's vacancy represented almost 10% of the total vacancy of VastNed Offices/ Industrial's Dutch property portfolio.

The center was sold to Intersprint, a supplier and distributor of car tyres, at a sales price of €10.65 million (costs payable by the buyer). In this sale a book profit of €0.8 million was realised compared to the latest appraisal value of year-end 2004 (as well as to the book value as at year-end 2004 and as at March 31, 2005). Intersprint was advised by De Mik Bedrijfshuisvesting.

Hans Pars, CIO of VastNed: 'This sale is in line with our strategy of structurally improving the occupancy rate of the portfolio in order to realise the highest possible return on our invested capital'.

Source: VastNed

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