CBRE advises Redevco in the sale of a high-quality retail portfolio in Switzerland
Leasinvest Real Estate acquires a high-quality retail portfolio in Switzerland and reinforces so its geographic diversification toward a third country, besides the Grand Duchy of Luxembourg and Belgium
Leasinvest Real Estate has acquired, via its 100% Luxembourg subsidiary Leasinvest Immo Lux SA SICAV-SIF, a high-quality real estate portfolio in Switzerland. The portfolio was acquired from European high street retail real estate specialist Redevco.
The acquired retail portfolio consists of 3 very well located retail buildings in the Canton of Vaud in the West French-speaking part of Switzerland. Two commercial centres are located respectively in the well developed retail park areas of Etoy (Littoral Park) and Villeneuve (Pré Neuf).
The third asset is located on the main retail street of Yverdon-les-Bains along the Lake of Neuchâtel, the second most important city in the Canton of Vaud.
These 3 buildings were acquired for a price of 45.6 million CHF (including registration duties and costs), or approximately 37.8 million EUR. The total portfolio has a surface area of 11,649 m² and is entirely let to international retailers such as Fust (part of the second largest Swiss retailer Coop group), C&A, Casa, JYSK, Maxi Zoo and Heytens. The annual net rental income amounts to 2.8 million CHF (or approximately 2.24 million EUR). The commercial centre located in Etoy generates nearly half of the portfolio’s revenue while 31% is generated by Villeneuve and 23% by Yverdon-les-Bains.
Through this acquisition, the retail part in the consolidated real estate portfolio of Leasinvest Real Estate further increases to 46% (offices 34%, logistics and semi-industrial 20%). The geographical breakdown of the portfolio is as follows as from now on: Grand Duchy of Luxembourg: 58%, Belgium: 37%, Switzerland: 5%. This acquisition has an average duration of the rental contracts of 5.85 years. The estimated debt ratio would increase from 53.80% (on 30/06/2014) to around 55-56%.
Jean-Louis Appelmans, CEO: “After our successful expansion in the Grand Duchy of Luxembourg, we are very pleased with these first acquisitions in Switzerland, a country benefitting as the Grand Duchy of Luxembourg from a well-performing and stable market situation. Leasinvest Real Estate thus becomes a unique market player, active in the Grand Duchy of Luxembourg, Belgium and Switzerland.”