In the execution of its sales programme for the 2003 financial year, VastNed Offices/Industrial has sold properties to a total value of EUR 69.4 million. With an invested capital of EUR 1,307 million as at September 30, 2003, VastNed Offices/Industrial is specialised in offices, logistics centres and industrial premises in good and top locations in the Netherlands, Belgium and northern France.
In the fourth quarter of 2003, VastNed Offices/Industrial has realised sales of EUR 42.1 million. In the first nine months sales of EUR 27.3 million had already been completed. These sales took place in view of the sales programme for the 2003 financial year. They enable the company to strengthen its balance sheet. As a result a total of EUR 69.4 million in sales has been realised in the 2003 financial year. The company intends fully to complete its sales programme of EUR 100 million in sales before the publication of its 2003 annual figures on February 25, 2004.
Sales in the fourth quarter took place at or slightly above book value, and are spread across the Netherlands and Belgium. In the Netherlands, the company sold its office investment at 17 Delflandlaan, Amsterdam and the semi-industrial premises at 4104-4138 Ekkersrijt in Son en Breugel. In Belgium the investment in a logistics centre in the Fabrieksstraat in Willebroek was sold. In addition, VastNed Offices/Belgium, a wholly owned subsidiary of the company, has acquired an office building in Strombeek-Bever in view of previous commitments for EUR 9.2 million, including purchase costs, at a gross initial yield of 8.3%. The property is newly developed by Slough Properties and is let for 74%. For the remainder, the company has received a rental guarantee.