Befimmo SA - Befimmo crystallises value by granting a 99-year leasehold on the Brederode complex - Embargo 13.03.2017 5.40 PM
13 Mars 2017 - 5:45PM
Befimmo announces the signing of a
private agreement* granting CBRE Global Investors (on behalf of one
of its SMA** clients) a 99-year leasehold on the Brederode complex,
for an amount of €122 million, corresponding to a yield of
3.69%.
As at 31 December 2016, the Brederode
complex***, located in the centre of Brussels, was occupied for a
residual weighted average duration of 13.61 years. At that date,
the average occupancy rate of the complex was 86.62%.
This operation will generate a net
capital gain of about €0.8 per share and reduce the LTV ratio****
by -3.3% (in absolute terms). It will have an impact on the EPRA
earnings forecast***** of -€0.08 per share in 2017, -€0.13 per
share in 2018 and -€0.12 per share in 2019.
Taking account of the operation, on the
basis of the figures as at 31 December 2016, the weighted average
duration of contracts in the Befimmo portfolio would amount to 7.93
years (compared with 8.07 years) and the occupancy rate of the
properties available for lease would be 95.02% (compared with
94.79%).
As announced previously, this operation
is in line with Befimmo's objective of punctually crystallising
value, in a Brussels office market where the search for yields in
an environment of low interest rates creates opportunities for
quality properties, which are well-located and occupied on a
long-term basis.
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* The passing of the notarial
deed is expected before the end of March 2017.
** "Separate Managed Accounts".
*** This concerns the Brederode 13 (11,340 m²), Brederode 9 (6,864
m²) and Namur 48 (1,517 m²) buildings.
**** Loan-to-value (LTV): [(nominal financial debts - cash)/fair
value of portfolio]. Calculated using the LTV ratio as at 31
December 2016.
***** For more information, please see page 31 of the press release
on the Befimmo annual results 2016, published on 16 February 2017
on the Befimmo website (www.befimmo.be). These forecasts will be
updated in the Befimmo Annual Financial Report 2016 to be published
on 24 March 2017.
Please click on the
following link to download the press release:
Befimmo SA - Brederode - Embargo 13
03 2017 - 5.45 PM
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responsible for the content, accuracy and originality of the
information contained therein.
Source: Befimmo SA via Globenewswire