Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MECHELEN, BE-One of Europe’s largest REITs, Confinimmo, has paid euro 54.7 million ($64 million) for an office block here, reflecting an initial gross rental yield of 7.12%. The block is located next to the station at Mechelen, a city located half way between the two main office markets of Brussels and Antwerp.

The asset comprises 28,711 sm of office, 2,073 sm of archives space and 402 parking spaces. The majority of the office space, more than 80%, is let to different tenants for lease terms no less than nine years. The longest lease of 18 years is with OVAM (Public Waste Agency of Flanders), which occupies more than 50% of the office component.

A statement from the board says this acquisition fits in with Cofinimmo’s investment strategy, which targets assets let on long-term leases to top-quality tenants. The buy allows the Group to “invest capital under attractive financial conditions, to extend the average firm duration of its lease portfolio and to reinforce its position in optimal locations,” the statement concludes.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.