Belgian REIT Befimmo has reached an agreement with AG Real Estate to fully internalise property management activities currently performed by AG Real Estate Property Management and to take full control of the statutory manager of Befimmo SCA for a consideration of EUR 21 mln.
Belgian REIT Befimmo has reached an agreement with AG Real Estate to fully internalise property management activities currently performed by AG Real Estate Property Management and to take full control of the statutory manager of Befimmo SCA for a consideration of EUR 21 mln.
The agreement, which is in line with the company's strategy to simplify its corporate structure, is subject to shareholders' approval at an Extraordinary General Meeting to be held in December 2012.
'These actions would have a net positive impact on the EPRA earnings of EUR 0.07 per share and a one-off net negative impact of EUR 1.09 per share on the NAV for 2012,' the company said on Wednesday.
By the end of June 2013 at the latest, Befimmo will integrate the property management of the 28 buildings and office parks with a total fair value of nearly EUR 860 mln currently entrusted to AG Real Estate Property Management.
In addition, Befimmo said it has decided to have its fully-owned subsidiary Fedimmo apply for the REIT status. The process could still be completed by the end of 2012, it added.
