EUR65.5M asset sale in Poland ahead of book value
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Location:Nivelles, Belgium Investment pillar: Value Add Acquisition price: €31.2 million Net initial yield: 4.8% GIA: 34,125 sqm Acquisition date: December 2020
A newly built 34,125 sqm logistics facility comprising two units (one of 18,140 sqm and the other 15,985 sqm), located in the attractive logistics market of Nivelles, south of Brussels in Belgium.
The development is anticipated to reach practical completion in mid December 2020.
The larger unit is let to Medi-Market Group SA, a Belgian omni-channel pharmacy retailer on a new nine-year lease. The rent is subject to annual indexation. The second unit is currently vacant and has a 12-month rental guarantee. The Company is already in discussion with various parties interested in leasing the space and is confident that it will be able to lease the unit quickly and benefit from any increased value that a new lease may create.
The asset will have roof mounted photovoltaic panels and a power purchase agreement is in place with Medi-Market. Additionally, the asset benefits from sustainability features including LED lights, energy efficient heating and rainwater recycling. A new cycle path and storage facilities are being provided.