Listed Belgian property company Befimmo has reached agreement on the acquisition of the Gateway project at Brussels airport for a provisional sum of €140 mln.

Listed Belgian property company Befimmo has reached agreement on the acquisition of the Gateway project at Brussels airport for a provisional sum of €140 mln.

The development, set to be the new flagship building of Brussels airport, was acquired from Belgian developers Codic and Immobel in a deal reflecting a gross initial yield of 4.65%.

The property, comprising 34,000 m² of offices, restaurants, fitness rooms and 398 parking spaces, will be occupied by Deloitte Services and Investments on an 18-year lease when it is completed at end-2016. The project has obtained BREEAM Excellent certification at the pre-assessment stage.

Befimmo said the deal will initially be financed through existing credit facilities.

Listed on Euronext Brussels, Befimmo focuses on investment in prime office buildings in Brussels, other Belgian cities and the Grand Duchy of Luxembourg. Its portfolio currently consists of around 100 office buildings, with a total space of more than 900,000 m2, valued at €2.3 bn at end-December 2014.

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