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As part of its asset arbitrage policy, Cofinimmo announces the disposal of the Antwerp located Citylink office park amounting for €63.17 million to Mercator Verzekeringen N.V.
The business park is composed of 4 office buildings totalling 27 108m² and 587 parking slots, completed in 2009. It is currently 100% rented to several tenants, Mercator Verzekeringen N.V. being the main one.
The sale price is in line with the latest investment value (including the transfer taxes) determined by the independent expert.
The proceeds of this sale will be reinvested within Cofinimmo’s investment programme.
Cofinimmo SA and Foncière Atland and the group MAAF announce the acquisition in partnership of 285 sites (branches and offices)of the group MAAF, located in France, amounting 60,411m² for a total investment of €107.6 million.
The portfolio comprises a group of 267 commercial premises used by the group MAAF as customer agencies, 15 properties used mainly as offices and 3 mixed-use buildings, all also occupied by the group MAAF. The rental income comes to a total of €7.86 million. These rents will be subject to annual indexation. Of this total rental income 83% comes from fixed leases for 9 or 12 years, 3% from 6/9 year leases and the remaining 13% from 3/6/9 year leases (10 sites were vacant at the time of signature), i.e. the average weighted duration is 9.7 years for the leases as a whole. The investment’s initial rental yield therefore amounts to 7.31%.
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