Intervest Offices & Warehouses has acquired two logistics sites in the Flanders region of Belgium for EUR 35.8 mln. The sites are located on the important Benelux logistic corridor Antwerp-Limbourg-Liège.

Intervest, the Euronext Brussels-listed subsidiary of Dutch real estate firm Vastned, said the West Logistics asset in Oevel provides 27,548-m2 of warehouse space, 1,711-m2 offices and 65 external parking spaces. The building is fully let to UTI Belgium (87 %) till 2017 and to Berry Plastics (13 %) till 2013. A part of the site, let to UTI Belgium, is used as European distribution centre for Northern Europe for the cosmetic concern Estée Lauder.

The investment volume of EUR 21.5 mln reflects a gross initial yield of 7%. King Sturge advised Intervest in the transaction.

Intervest also acquired the shares of MGMF Limburg, owner of a logistic site in the industrial zone Europark in Houthalen. The site, built in 2001, is a modern complex of 26,255-M2 warehouses, with 740-m2 offices and 123 parking spaces. The buildings are let to Caterpillar Logistics.

The acquisition value of EUR 14.2 mln reflects a gross initial yield of 7.7 %. DTZ advised Intervest.

Vastned Offices/Industrial is merging with Nieuwe Steen Investments, which is also listed in Amsterdam.