Property investment fund Intervest Retail, a division of VastNed Retail, has acquired full control of the real estate company Pegasus SA, owner of a portfolio of retail warehouses, a large part of which are leased to the interior decoration specialist Décor Heytens.
The acquired portfolio is valued at 19 million euros and an investment value of 19.5 million euros consisting of 21 retail warehouses with 100 per cent occupancy, says a statement by Intervest Retail.
Based on this investment value, the sales price of the shares was finalised at 53 million euros.
The shops generate a gross initial retail issue of about 1.3 million euros per annum and offer the property investment fund a net initial yield of 5.8 per cent.
The company release said 21 warehouses are spread across Belgium and in excellent commercial locations, primarily in retail parks.
“With this investment, Intervest Retail strengthens its position as the largest property fund operating in Belgium commercial property. The positive developments in Belgium retail market will result in future rent growth of this porfolio,” said CEO of Intervest Retail, Jean-Paul Sols, in a statement.
