Leasinvest to acquire 50,000 m[sup]2[/sup] logistics development near Brussels

Listed Belgian listed real estate fund Leasinvest Real Estate said has it reached an agreement to acquire a 50,000 m² logistics development near Brussels in the second half of 2009. The agreement is conditional on a number of conditions involving obtaining necessary authorisation, environmental legislation and the provisional completion of the site.

Leasinvest will acquire the project, which will be built by real estate developer De Paepe Group and will be completed by mid-2009, through the purchase of 100% of the company Canal Logistics Brussels. The site, located in Neder-over-Heembeek, will have more than 50,000 m² of storage and 2,500 m² of offices.

Leasinvest said the acquisition price would depend on the rental situation after the conditions for deal completion were met but added it saw a fair value of between about EUR 34mln and 38mln. Given the current fair value of its real estate portfolio of EUR 468.2 mln and the expected fair value of this future acquisition, the group estimated its total portfolio could increase to about EUR 506 mln.