Wednesday, July 02, 2008

Fortis Enters EUR 94 Million Sale Leaseback of Two Office Buildings in Belgium

PropertyEU - June 30, 2008

Belgian property group Befimmo said it has acquired two buildings in Belgium from Fortis Bank for an overall purchase price of EUR 94mln.

The first building is located in Antwerp and comprises two technically independent wings over a total 21,253 m2. The Meir wing is a classic-style building let entirely to Fortis Bank for a term of 27 years while the Wapper wing is a contemporary building used as offices and a bank branch, whichis also let entirely to Fortis Bank for a term of 18 years. The other building is situated at Vital Decosterstraat 42-44 in Leuven and is three-quarters let to Fortis Bank on leases of 12 and 15 years. The rest of the second building is let to other tenants.

For Belgian-Dutch financial services group Fortis, the transaction came as it raised EUR 1.5bn through the issue of new shares and announced a number of other measures to shore up its finances. Fortis said these would also include a total of EUR 1.5bn in sale-and-leaseback transactions of real estate like the deal that was announced with Befimmo. Sphere: Related Content

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