Banimmo Press Release - Acquisition of building North Plaza

The notarial deed for the acquisition of the long lease on the building North Plaza has been executed. This acquisition follows the Public Takeover Bid launched by Banimmo in December 2007 and the positive decision of the Extraordinary General Meeting of certificateholders to sell the North Plaza building to Banimmo. The total price for the acquisition of this building amounts to € 32,000,000.

The real estate is located at Koning Albert II-laan 9, in 1210 Brussels (North District). The building has a surface of 13,630 m² office space, 652 m² filing space and 146 parking spots. Its current lessees the “Regie der Gebouwen” and “Fin-force” jointly lease approximately 80% of the building. The remainder of the building is currently vacant. At present the annual lease of the building amounts to € 2,2 million (till end 2009).

Considering the age of the building (15 years), Banimmo will execute the renovation works required to ensure that the building meets the current standards of the competitive office market of the North District. These works will be carried out shortly

source : Banimmo