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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;
www.intervest.be