Brantano Group Web Site - December 22, 2006
The Brantano Group has concluded an agreement with the Belgian closedend property investment company Retail Estates concerning the sale of the shares of the real estate subsidiary Brimmo, owner of 19 stores located in Belgium and the distribution centre in Belgium.
As at 30 June 2006, the Brantano Group owned 21 stores located in Belgium as well as the distribution centre in Belgium, with Brimmo NV, the Group’s property arm, owning 19 stores, all run as Brantano stores, and the distribution centre.
The Brantano Group is staying on as tenant of the premises and has ensured its commercial interests by entering into 27 year long leases based on market terms. The operation took place with a return for Retail Estates of 6.62%.
The market value of the premises used to fix the value of the shares is € 42.5 million, as a result of which the Brantano Group realises a capital gain after tax of € 22.0 million. The future rent for the premises, including the distribution centre, will be € 2.8 million a year.
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Tuesday, December 26, 2006
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