The Company was granted a long lease by Ghent University on the former student restaurant in 2011 and completely renovated and extended it between 2012 and 2014, transforming it into a 119-room student housing complex and a 4,000m² GLA retail complex.
The Box currently has four active tenants (i.e. Albert Heijn, Kruidvat, Jims Fitness and Yammi Yammi). The rights in rem regarding the student housing complex and its ancillaries had already been transferred in February 2020.
The transfer of this asset was made slightly above its fair value, as determined to date by the independent valuer (€7,460,000). The proceeds of this transfer will be reinvested in the Company's current (renovation) projects.
Image source - Pexels.