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Leasinvest Real Estate acquires 2 retail parcs near Shopping City Süd in Vösendorf close to Vienna, in Austria

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On 28 August 2019, Leasinvest Real Estate, via its 100% subsidiary Leasinvest Immo Austria, acquired two important retail parks near the largest shopping complex in Austria, Shopping City Süd in Vösendorf, close to Vienna. This mega shopping complex has a total area of 235,000 m² with 330 shops and a footfall of approximately 20 million a year. Shopping City Süd is excellently located in the South of Vienna and serves about 1,080,000 inhabitants.

Via the take-over of 100% of the shares of the 2 companies concerned, Leasinvest Real Estate has become the owner of:

  • Retailpark SCS Nordring 2-10, situated in Vösendorf, with a surface area of 14,800 m² and 278 parking spaces, housing tenants such as Conrad Electronic, TK Maxx, Swiss Sense, Brendon/Betten Reiter (in 2020), Fit-One, Art-X, Kinderspielwelt, and
  • Retailpark Pittarello Nordring 16, also situated in Vösendorf, with a surface area of 11,350 m², 202 parking spaces and tenants such as Lidl, Pittarello, Action, Bipa and Farben-Partner.

Both retail parcs are fully leased and generate an annual rental income of circa € 4 million. These acquisitions represent an investment of € 71.8 million and are in line with the valuation of the independent real estate expert.

This acquisition has been to a large extent funded with a new credit line of € 65 million with a maturity of 7 years.

Check out the video.

The transaction was initiated by EHL Investment Consulting, Vienna. Consultants of Leasinvest have been SCWP and KS Ingenieurs.

Following this transaction, the total fair value of the real estate portfolio of Leasinvest Real Estate (including the participation in Retail Estates) rises to over € 1.23 billion. The retail part in the directly held real estate portfolio (excluding the participation in Retail Estates) increases that way to 47%, while offices represent 48% and logistics 5%. The share of Austria in the total real estate portfolio consequently rises to 16%. The Grand Duchy of Luxembourg still remains the most important market for Leasinvest Real Estate with 52%, followed by Belgium (32%).

MICHEL VAN GEYTE CEO:

“Leasinvest is very happy to have realized this excellent investment in a challenging market with limited offer. With this acquisition Leasinvest strengthens its position in Austria, and more specifically around Vienna, for years voted best city to live in. Despite the growth of e-commerce, both the turn over and retail space per capita in Austria are among the highest in Europe, moreover sustained by the expected population and income growth over the next five years.”


For more information, contact

Leasinvest Real Estate

MICHEL VAN GEYTE
CEO
T: +32 3 238 98 77
E: michel.van.geyte@leasinvest.be


On LEASINVEST REAL ESTATE SCA

Public regulated real estate company (B-REIT) Leasinvest Real Estate SCA invests in high quality and well-located retail and office buildings in the Grand Duchy of Luxembourg, in Belgium and in Austria.

On 30/06/2019 the total fair value of the directly held real estate portfolio of Leasinvest amounted to € 1.06 billion spread across the Grand Duchy of Luxembourg (55%), Belgium (35%) and Austria (10%).

Moreover, Leasinvest is one of the largest real estate investors in the Grand Duchy of Luxembourg.

The public RREC is listed on Euronext Brussels and has a market capitalization of approximately € 693 million (value 28/08/2019).



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