Leasinvest Real Estate refocuses on two asset classes and three countries
(Thomson Reuters ONE) -
Leasinvest Real Estate refocuses on two asset classes and three countries:
* strengthening of the position in Austria and in retail by two acquisitions
in Vienna
* total divestment of Swiss retail portfolio and
* finalization of divestment of 65% of logistics portfolio in Belgium.
Summary
Mid-October 2017, Leasinvest Real Estate has acquired two important retail parks
in Austria, in district no 22 Stadlau of the City of Vienna for an amount of ?
56.2 million, strengthening that way its global position in retail and
furthering its growth in Austria.
At the beginning of October, the three retail buildings located in Switzerland,
in the Vaud Canton, were sold for a global amount of CHF 48 million (? 41.8
million).
As announced previously, the three Belgian logistics buildings were divested for
a total amount of ? 60 million, in September and October 2017.
Acquisition retail buildings in Austria
Mid-October 2017, Leasinvest Real Estate, through its Austrian subsidiaries, has
acquired 100% of the shares of two Austrian companies, Kadmos Immobilien Leasing
GmbH and Adrestos Beteiligungsverwaltungs GmbH. These companies hold
respectively a DIY shop Hornbach Baumarkt of 13,300 m² and 10 shops with a
global surface of 11,000 m² in a retail park 'Gewerbepark Stadlau' situated in
district no 22 Stadlau of the City of Vienna, both very well located retail
sites with an important footfall and holding leading positions in the City of
Vienna.
The value of these two buildings amounts to ? 56.2 million, which is lower than
the fair value defined by our real estate expert. The average duration of the
rental contracts is 9.3 years. The different indexed rental contracts are signed
with renowned international and local retailers, among which the most important
are Hornbach Baumarkt, Lidl, Intersport, DM (drugstore), CCC (shoes) and TK Maxx
(clothing). The global occupancy rate stands at 100% and represents a total
annual rent of ? 3.2 million for the two sites.
This acquisition is financed, on the one hand, by the partial divestment of our
logistics portfolio and, on the other hand, by the integral divestment of our
Swiss retail portfolio (see below). A good example of the capital recycling
principle followed by Leasinvest throughout its strategy for over 10 years,
constantly improving the quality of its real estate portfolio, by divesting less
strategic buildings and replacing them with better performing and/or located
core buildings.
Thanks to the acquisition end 2016 of the retail park Frun Park Asten located in
Linz (Austria), since its creation end 2013 registering a 20% annual footfall
growth, the portfolio of Leasinvest Real Estate in Austria currently amounts to
nearly
? 100 million, or 10% of the global portfolio.
Jean-Louis Appelmans, CEO: "The Austrian real estate market becomes for
Leasinvest the third core market, representing a stable market where we can
develop our strategy and seize real estate opportunities, that way creating a
stable income with capital gain possibilities".
Strategic divestment of Swiss portfolio
At the beginning of November 2014 Leasinvest Real Estate had acquired three
shops situated in the periphery, located in Etoy, Villeneuve and Yverdon-les-
Bains, all in the Vaud Canton, for an amount of CHF 45 million, based on a gross
initial yield of over 6%. At the beginning of October 2017 these same 100% let
buildings were sold to an important Swiss private investor for a global amount
of CHF 48 million on the basis of a gross yield slightly over 5%.
After nearly three years, the Swiss portfolio could not have been increased
following the rise of the Swiss franc at the beginning of 2015, which had an
immediate impact of strongly negative interest rates spurring local real estate
players to invest their funds in Swiss real estate resulting in continuously
decreasing real estate yields. These reasons made Leasinvest prefer investing in
Austria to Switzerland.
Before Swiss capital gain taxation and sales costs, the divestment of these
three buildings results in a slight capital gain compared to the initial
acquisition value.
The original acquisition end 2014 was financed through bank loans in EUR
converted by 'Cross Currency Swaps' (CCS) in CHF and at a fixed CHF rate for 10
years, which had to be prematurely cancelled at the moment of the divestment as
these CCS had become redundant following the sale of the underlying Swiss
assets.
Divestment of an important part of the logistics portfolio in Belgium
As announced previously, an agreement for the divestment of three logistics
buildings had been concluded, and three leaseholds were concluded in September
and October 2017 on behalf of a German real estate fund for an amount of ? 60
million. This related to buildings located in Wommelgem, Canal Logistics phase
1 and the SKF site in Tongres. The global value of the transaction is in line
with the fair value defined by the real estate expert.
The building located Prins Boudewijnlaan in Kontich had been sold under a
forward sales contract last June to a private Belgian developer for an amount of
? 12 million. The sales proceeds will be received end December 2017, meanwhile
Leasinvest Real Estate continues to collect the rent of this 100% leased
building.
Following these divestments, the Belgian logistics part will only comprise some
warehouses located at the Riverside Business Park in Anderlecht (Brussels) and
at Brixton Business Park in Nossegem/Zaventem, together with the State archives
in Bruges.
Leasinvest Real Estate will have divested ? 74 million in 2017, or 65% of its
global Belgian logistics portfolio valued at
? 111 million (on 30/06/2017). The logistics percentage will drop from 14% (on
30/06/2017) to approximately 7%.
Jean-Louis Appelmans, CEO: "The focus on two assets classes, retail buildings in
Luxembourg and Austria, and offices in Luxembourg and Belgium, is a source of
value creation and strengthens our efficiency."
Acquisition and lease in the Grand Duchy of Luxembourg
The four remaining shops of the shopping centre located in the city centre of
Diekirch were acquired by our Luxembourg subsidiary Leasinvest Immo Lux SA for
an amount of ? 0.8 million, resulting in all commercial spaces currently being
held by the latter.
The occupancy rate of our building Mercator situated Route d'Arlon in the City
of Luxembourg, acquired last May, reaches 60% thanks to an additional floor let.
Advanced negotiations with potential tenants are ongoing and are expected to be
finalized by year-end in order to let the rest of the building.
Evolution of debt ratio
Taking into account the important investments and divestments announced of
respectively ? 83 million and ? 115 million, Leasinvest Real Estate's debt ratio
should fluctuate between 57% and 59% by end 2017.
For more information, contact
Leasinvest Real Estate Leasinvest Real
Estate
Jean-Louis Appelmans Michel Van
Geyte
Chief Executive Officer Chief Investment
Officer
T: +32 3 238 98 77 T: +32 3 238 98 77
E: jeanlouis.appelmans(at)leasinvest.be E:
michel.van.geyte(at)leasinvest.be
On LEASINVEST REAL ESTATE SCA
Public BE-REIT (SIR/GVV) Leasinvest Real Estate SCA invests in high quality and
well-located retail buildings and offices in the Grand Duchy of Luxembourg,
Belgium and Austria.
At present the total fair value of the directly held real estate portfolio of
Leasinvest amounts to ? 901 million on 30 October 2017, spread across the Grand
Duchy of Luxembourg (52%), Belgium (38%) and Austria (10%).
Moreover, Leasinvest is one of the most important real estate investors in
Luxembourg.
The public BE-REIT is listed on Euronext Brussels and has a market
capitalization of over ? 471 million (value 30 October 2017).
20171031_LRE_Press Release_ENG:
http://hugin.info/134797/R/2144888/822602.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Leasinvest Real Estate Comm. VA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 30.10.2017 - 17:40 Uhr
Sprache: Deutsch
News-ID 565840
Anzahl Zeichen: 9497
contact information:
Town:
Antwerp
Kategorie:
Business News
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"Leasinvest Real Estate refocuses on two asset classes and three countries"
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Leasinvest Real Estate Comm. VA (Nachricht senden)
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