Cofinimmo signs a new long term real estate partnership with Aspria Group

Cofinimmo announces the acquisition today of 98% of the shares of La Rasante Tennis Club SA, owner of the land and the buildings of the sport club Royal La Rasante in Woluwe- Saint-Lambert. The investment value of the site amounts to € 34.8 million. In this operation, a long term usage right (“droit de superficie”) has been granted on the whole site to Aspria Group, which will generate an annual income of € 2 million (indexed to the health index). The initial yield amounts to 5.75%, based on the investment value (triple net).

Royal La Rasante is located in Woluwe-Saint-Lambert. It is spread over 4 hectares and offers high quality sporting (fitness, tennis and hockey) and wellness (pools, spa and garden) infrastructures as well as a restaurant, a child care centre and conference rooms. The site was entirely redeveloped in 2005. The built surface amounts to 11,481m², including 4,442m² of parking.

Cofinimmo commits to a new real estate partnership with a quality operational company, La Rasante SA, a 100% subsidiary of the Aspria Group. Created in 2000, this expanding group manages 5 important sport and wellness clubs in Brussels, Hamburg and Berlin. In Belgium, the company operates several high level sport clubs; in the European district and in Avenue Louise as well as the Royal La Rasante Club. The sport and family centres are a progressing sector.

The partnership consists in the conclusion of a long term usage right (”droit de superficie”) of up to 30 years (with a minimum of 20 years) with La Rasante SA, for an annual income of € 2 million, indexed to the health index. The initial yield of 5.75% corresponds to Cofinimmo’s long term net current return objectives and reinforces the stability of Cofinimmo’s results. The superb location of the site and its land value make the operation appealing. The municipalities of Woluwe-Saint-Lambert and Woluwe-Saint-Pierre in the East of Brussels are valued. They offer an attractive mix of residential, offices, leisure infrastructures and green areas and are located very close by the centre of Brussels, the ring and the airport. Cofinimmo bears no operational risk linked to the management of the sport club, which activities are chosen and organised exclusively by the operator.

The company Cushman & Wakefield advised Aspria Group in this transaction.

source : Cofinimmo