Banimmo completes its first transaction of the financial year

Banimmo announces that all its rights related to the Atlantic House building and its parking located in Antwerp, Noorderlaan 147, have been transferred to the company Atlantic Certificates.
Atlantic Certificates has financed the acquisition through the private issue of real estate certificates placed by Bank Degroof with institutional and private investors. In that context, Banimmo has granted warranties to ensure the rental revenues and it has also subscribed to 15% of the issued real estate certificates.

Atlantic Certificates has entrusted Banimmo with the mission of “Asset manager” and “Property Manager” for the building.

The Atlantic House building develops 29,375 m² and includes 620 parking spaces. This tower block has been renovated progressively and currently has an occupancy rate of 91%. It has 24 tenants of which the majority carries out activities related to the port of Antwerp. In the framework of this transaction, the building Atlantic House has been valuated at €30.81 million.

This operation, with an innovative structure, allows Banimmo to reinforce its financial means in order to proceed with new acquisitions, if opportunities occur, on the Belgian and French market.

It also demonstrates that the Banimmo teams have the competence to be innovative in order to preserve the repositioning strategy of real estate assets in an extremely difficult investment market. Possible acquisitions will be aligned with the rhythm of disinvestments so that the consolidated ratio “financial debt on total balance sheet” is less than 56%, the value reached upon the closing at March 31, 2009.

After the transfer of the rights on the Atlantic House building, this ratio amounts to 52%.

Source: Banimmo