Property investment fund Intervest Offices has acquired a 40,000m[sup]2[/sup] logistic development on the Siemens site in Herentals from developer Cordeel for EUR 18 mln. The deal involved the acquisition of shares in the limited liability company Edicorp. The transaction takes place within the framework convention which the property investment fund concluded in November 2007 with building company Cordeel, according to the company statement.
Property investment fund Intervest Offices has acquired a 40,000m2 logistic development on the Siemens site in Herentals from developer Cordeel for EUR 18 mln. The deal involved the acquisition of shares in the limited liability company Edicorp. The transaction takes place within the framework convention which the property investment fund concluded in November 2007 with building company Cordeel, according to the company statement.
The acquisition comprises of 20,000 m2 warehouses and 1,276 m2 offices in the first phase which were under construction in 2008, as well as further land parcels with a building permit for an expanded distribution centre totaling some 20,000m2 in the second phase and an existing office building (Atealaan 71) located on the same site of some 8,500 m2 on a 17,000 m2 site. This office building is meant for redevelopment. The net initial yield after the complete development of this logistic site will amount to approximately 7%.
The first phase, which is currently to let, has a rental guarantee for a period of one year from Cordeel. As a result, this phase of this investment will generate rental income of approximately EUR 1 mln on an annual basis the company said.
The site is located on one of the most important logistic corridors in Belgium. Intervest Offices previously acquired the existing Siemens building (25,000 m2) located along the Atealaan in Herentals in December 2007. This existing building is occupied by Siemens-Nokia Network as well as by various other companies.
