QRF, a Belgian REIT specialised in inner-city retail properties, has reached an agreement to acquire two assets in the Belgian cities of Leuven and Hasselt for just under €52 mln.
QRF, a Belgian REIT specialised in inner-city retail properties, has reached an agreement to acquire two assets in the Belgian cities of Leuven and Hasselt for just under €52 mln.
The vendors are AXA Belgium and a joint venture of Baltissimo and Particimmo CVBA.
In Leuven, QRF is buying a retail property of 10,360 m2 let to several tenants including Match, Blokker and WE Fashion, for €15.3 mln, to be paid through shares in QRF. The asset generates an annual rental income of €850,000.
In Hasselt, QRF is taking control of the company owning a 9,266 m2 asset at Koning Albertstraat 48-50 for €36.5 mln, to be paid through €5 mln of QRF shares and the rest with bank loans. The three-storey retail property is let to Galeria Inno and Kruidvat for an annual rental income of €1.9 mln.
The company expects the debt ratio to reach 53% once the two transactions have been completed.
Through these deals, QRF's portfolio value will amount to €215 mln, representing an increase of 91% on the value at the IPO in December 2013 IPO.
QRF currently has a market cap of €88 mln.