Intervest Retail acquires Heytens retail portfolio

For the pdf-version of this press release, please click on the link below: Press Release Property investment fund Intervest Retail has acquired full control of the real estate company Pegasus sa, owner of a portfolio of retail warehouses, a large part of which are leased to the interior decoration specialist Decor Heytens. The acquired portfolio consists of 21 retail warehouses with an occupancy rate of 100%. The portfolio has a fair value of ¤ 19 million and an investment value of ¤ 19,5 million. Based on the investment value of ¤ 19,5 million, the sales price of the shares was finalised at ¤ 13 million. The shops generate a gross initial rental income of approximately ¤ 1,3 million per annum, and offer the property investment fund a net initial yield of 5,8 %. The 21 retail warehouses acquired are geographically spread across Belgium, and are in excellent commercial locations, primarily in retail parks. The total lettable floor area amounts to 17.351 square metres. All shops are fully leased at competitive rent levels. The average remaining duration of the lease contracts in the portfolio is 6,8 years. Approximately 75% of the shops are leased to Decor Heytens, the other shops are leased to Shoe Discount, Eldi, Baby 2000, Rév Interieur and Intermatelas. The seller is the European real estate company Euroinvest (Luxembourg 2) Sarl. As with the sale of Intervest Retail's outlet centre "Factory Shopping Messancy", Cushman & Wakefield has also acted in this transaction as real estate agent. Jean-Paul Sols, CEO Intervest Retail: 'With this investment, Intervest Retail strengthens its position as the largest property investment fund operating in Belgian commercial property. The positive developments in the Belgian rental market will result in future rent growth of this portfolio. The acquisition will also immediately contribute to net rental income and to the property investment fund's operating result.' Antwerp, November 21, 2007 Note to the editor: for further information, please contact: INTERVEST RETAIL NV, Jean-Paul Sols, CEO, tel. +32 3 287 67 87;