Brief: Intervest Buys Antwerp Office Project

Intervest Offices & Warehouses NV

18/11/2020 17:10

Nov 18 (Reuters) - Intervest Offices & Warehouses NV
 PRIF.BR :
    * REG-INTERVEST ACQUIRES PRESTIGIOUS OFFICE PROJECT AT TOP
LOCATION IN ANTWERP
    * REAL ESTATE COMPANY SEES OPPORTUNITY FOR FUTURE-ORIENTED
OFFICE
SPACE IN STATE-OF-THE-ART RENOVATION PROJECT OF MORE THAN 14.000
M²
    * WITH THE TAKEOVER OF THIS PROJECT, WHICH IS EXPECTED TO BE
DELIVERED IN THE BEGINNING OF 2021, INTERVEST WILL ALSO
IMMEDIATELY TAKE OVER THE FURTHER DEVELOPMENT UNDER ITS OWN
MANAGEMENT.
    * THE ACQUISITION HAS COME ABOUT THROUGH THE ACQUISITION OF
THE
SHARES OF TERVUEREN INVEST NV.
    * IT CONCERNS A TRANSACTION WHEREBY THE TOTAL INVESTMENT SUM
AFTER
FULLY COMPLETION OF THE RENOVATION PROJECT WILL AMOUNT TO ABOUT
€ 48 MILLION
    * HEREWITH INTERVEST WILL JUMP € 1 BILLION HURDLE AS REGARDS
FAIR
VALUE OF ITS REAL ESTATE PORTFOLIO AND DEBT RATIO WILL RISE BY
2,5% TO APPROXIMATELY 45%
    * EXPECTED ANNUAL RENTAL INCOME IS ESTIMATED AT ABOUT € 2,6
MILLION TO € 2,8 MILLION WHEN FULLY LET. THIS CORRESPONDS TO
GROSS RENTAL YIELD OF 5,4% TO 5,8%.

Source text for Eikon:  ID:nGNE5GGltH 
Further company coverage:  PRIF.BR 

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