Belgian REIT Leasinvest Real Estate has acquired a 12,000 m2 retail building on the periphery of Luxembourg City.
Belgian REIT Leasinvest Real Estate has acquired a 12,000 m2 retail building on the periphery of Luxembourg City.
The transaction involved the acquisition of 100% of the shares in the vehicle that owned the building.
The acquisition value of the building amounted to €25.5 mln, which corresponds to the fair value based on an initial yield of 6.75%.
The asset is leased for a fixed term of 10 years to German DIY group Hornbach.
'This acquisition represents an important extension of our retail portfolio in the Grand Duchy of Luxembourg and perfectly complements our strategic retail positions in Luxembourg,' said CEO Jean-Louis Appelmans. 'A peripheral retail building of this size with an important international tenant is a rare opportunity in this market.'
Leasinvest Real Estate mainly invests in retail, office, and logistics buildings in its home market of Belgium and in the Grand Duchy of Luxembourg. Leasinvest's Immo Lux portfolio comprises more than 100,000 m2 of shops in seven regions of the small Benelux country.
