Belgian-listed property company Cofinimmo has acquired 13,000 m2 of office space in Antwerp for EUR 29 mln.

The Avenue Building and the office area of the adjoining building London Tower 1 are valued at EUR 29.2 mln. This price exceeds by EUR 2.1 mln or 7.7% the investment value determined by the independent real estate expert. Nevertheless, at their acquisition, the properties already present a total occupancy rate of 33%.

The targeted gross rental yield is expected to range between 6.7% and 7.1%, depending on the type of leases concluded and their duration, which would substantially reduce the gap between the acquisition price and the market value determined by the expert.