Befimmo disposes of Empress Court for EUR 51 mln

Befimmo is disposing of its Empress Court office building in Brussels for EUR 51 mln. The Brussels-listed firm announced that it has accepted an irrevocable tender offer for the property from Belgian water utility company Vivaqua.

The 5,900-m² building, located at Boulevard de l'Impératrice 17-19, 1000 Brussels, has been part of Befimmo's property portfolio since it took over the Cibix Sicafi in 2001. Since the departure of the tenant - Belgacom - in October 2008, Befimmo has undertaken major renovation works which are due to be completed in early-2011.

The disposal, once finalised, is expected to generate a result of roughly EUR 0.70 per share, Befimmo said.