Warehouses De Pauw Web Site - June 26, 2007
Closed-end real-estate investment company Warehouses De Pauw reached an agreement for the takeover of the real estate portfolio of the Belgian fruit- and vegetable concern Univeg, also known as De Weide Blik. With this takeover, WDP acquires eight sites with temperature controlled warehouses in Belgium and the Netherlands of which 90% is to be permanently leased for 20 years and 10% is to be permanently leased for 15 years to businesses within the Univeg Group. The initial investment comes to 100 million euros. The economic transfer of the portfolio will take place on 1 July 2007.
The portfolio contains eight sites with a total of 120,000 m² of temperature controlled warehouses. Six sites are in Belgium with a total surface of 60,000 m² and two in the Netherlands also with a total surface of 60,000 m². In addition, there are a total of four new construction projects pre-leased to businesses within the Group that will be developed by WDP in 2007, 2008 and 2009. The total investment for these projects is today estimated at 50 million euros.
The rental income on the portfolio currently amounts to 6.35 million euros per year, triple net. An initial indexation is also provided after six months, at the end of 2007. WDP will also accept 50 million euros worth of debts at 4% (fixed for 15 years) within the Royvelden companies.
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