Belgium: Home Invest Belgium has completed the acquisition of BE REAL ESTATE, the owner of four aparthotel buildings in the centre of Brussels.
All four buildings, totalling 185 units, will be operated by the vendor, BEAPART, through a long-term leasehold agreement for a duration of 27 years under the brand name B-aparthotels. The annual rents will amount to €1.85 million and are triple net rents regardless of the performances of the operations. The annual rents of BEAPART will represent seven per cent of the total contractual rents.
The acquisition price of the company has been determined based on the investment value of the real estate of €36 million.
All units have their own kitchen and bathroom. The units are operated and let as furnished apartments and combined with services of a hotel (reception, cleaning, laundry, etc.). All buildings are located at strategic locations in Brussels. The first building is located at the heart of the European district, square Ambiorix n°28; the second is located in the vicinity of the Grand-Place, rue des Dominicains n°25. A third building is located avenue de Tervueren n°149 on the Montgomery roundabout. The fourth building is on boulevard du Régent, close to the Madou place and the Cirque Royal.
The acquisition has been fully financed through bank loans. With this transaction, the debt ratio of Home Invest Belgium increases to 51 per cent. Its portfolio value increases to more than €600 million.
