Intervest acquires logistics site in Genk-Opglabbeek

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Towards the end of last year, Intervest Offices & Warehouses announced that it had concluded on an agreement with Machiels Real Estate SA, containing a number of customary suspensory conditions, for the acquisition of a logistics site of approximately 77.000 m² in Opglabbeek for €33 million, through a partial split with a debt transfer, and compensation through the issue of new shares in Intervest Offices & Warehouses.

The extraordinary general meeting of shareholders of Intervest Offices & Warehouses gave its approval on 22 December 2014 for the transaction leading to a capital increase of € 26.2 million and the issue of 1,366,564 new INTO shares. This transaction has strengthened Intervest Offices & Warehouses shareholders’ equity by approximately €26.2 million, of which an amount of approximately €12.5 million has been attributed to the item “share capital” and an amount of approximately €13.7 million to the item ‘share premium’.

The object of the transaction is a modern logistics complex of warehouses with accompanying limited office facilities and vast grounds in the logistics hot spot of Genk-Opglabbeek, located in the Antwerp-Limbourg-Liège logistics corridor. The total size of the site includes 70,822 m² of storage space, 4,072 m² of mezzanine and 2,549 m² of offices and social space, and approximately 12,000 m² of development land. This transaction generates rental income of approximately € 2.7 million on annual basis (if fully let approximately €3,2 million). The site also provides additional possibilities to develop approximately 55,000 m² of storage space with accompanying offices, to which Intervest Offices & Warehouses has a pre-emptive right.

Source: pro-realestate.be

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