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Trading Update ahead of the publication of the Company’s results for the period from 1 July 2018 to 31 December 2018

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Key facts

Location: Bornem, Belgium
Investment pillar: Value Add
Acquisition price:
 €26.0 million
Net initial yield: 5.3% on the corporate acquisition
GIA: 30,914 sqm
Eaves height: 10 metres
Lease expiry: unexpired lease term of over 7 years
Acquisition date: October 2018


Further information

  • This modern assets comprise two modern warehouses which combined have a gross internal area of c.31,000 sqm.
  • The first building is a multi-let warehouse with two interconnected units. Unit 1 is let to Alcon-Couvreur NV (a world leader in eye care and part of Novartis, one of the world’s largest pharmaceutical companies), on a lease that expires on 31 August 2027, subject to a break option in August 2022, which includes a penalty if the break is exercised. This provides a maximum unexpired lease term of nine years. Unit 2 is let to Pharma-Distri Center NV (an independent logistics business, which stores, packs and distributes pharmaceutical products across Europe for a range of leading pharmaceutical clients), on two co-terminus leases, expiring on 31 January 2020, providing 1.25 years unexpired term. The tenant provides logistics services to the adjacent tenant Alcon-Couvreur NV.
  • The second building is a vacant warehouse which is subject to a 12-month rent and service charge guarantee from the vendor. This asset represents 15% of the total portfolio’s ERV and will be marketed to new potential tenants, thereby offering scope for income growth. There are also three vacant plots of land at the Bornem site, totalling 4.5 hectares.

For related information see Our Properties and Portfolio Summary