10/19/2017 | Press release | Distributed by Public on 10/19/2017 10:01
Regulated information Embargo until 19/10/2017 - 18h00
QRF CITY RETAIL REACHES AN AGREEMENT TO ACQUIRE SIX RETAIL PREMISES IN ANTWERP AND OSTEND
TRANSACTION THROUGH CONTRIBUTION IN KIND WITHIN THE FRAMEWORK OF THE AUTHORISED CAPITAL
- STRENGTHENING SHAREHOLDERS' EQUITY BY 12 MEUR -
Qrf Comm. VA • BE-REIT under Belgian law • Museumstraat 11/211 • B-2000 Antwerp
Acquisition of six retail premises in Antwerp and Ostend
Qrf City Retail has reached an agreement in principle, subject to conditions precedent, to acquire six retail premises at top locations in Antwerp and Ostend, for a total investment value of 12.5 MEUR. The six retail premises together will generate 665 KEUR rental income on an annual basis.
Strengthening of the Antwerp portfolio
Qrf City Retail will acquire three properties situated in the popular "de Wilde Zee" district at the heart of Antwerp, and more specifically at Schrijnwerkersstraat 15, Wiegstraat 4 and Wiegstraat 6.
As such, Qrf City Retail strengthens its position in Antwerp, Belgium's premier shopping city. After this transaction, 19% of Qrf City Retail's real estate portfolio will be located in the Antwerp city centre.
Antwerp is Belgium's second largest city in terms of population (with more than 500,000 inhabitants). Its inhabitants have solid purchasing power of approximately 5% above national average. The city also has a very good international reputation as a fashion town.
Furthermore, Antwerp is a popular destination for tourists, with 1.8 million overnight stays in 2016. The number of day tourists is considerably higher, as the city welcomed more than 2 million day tourists in July and August of last year alone.
We can see the international character of Antwerp also in the retail market, where a diverse mix of local and international retailers accounts for a unique experience. 'De Wilde Zee' is a popular retail cluster, with such outlets as & Other Stories, COS, Neuhaus, NYX, Terre Bleue, Princess, MAC and New Paris Londres. This district is known as an important location for lifestyle brands that attract a hip crowd.
Other properties in Qrf City Retail's portfolio in Antwerp are located on the Meir, De Keyserlei, Wapper, Schuttershofstraat and Kammenstraat.
Antwerp, Wiegstraat 4
The property located at Wiegstraat 4, Antwerp, has an 11 metres wide facade and a gross surface area of approximately 184 m², of which approximately 135 m² are located on the ground floor. It is leased to NZA (New Zealand Auckland) and generates an annual rental income of about 80 KEUR.
Antwerp, Wiegstraat 6
The property located at Wiegstraat 6, Antwerp, has a facade of approximately
5 metres and a gross surface area of approximately 114 m², of which approximately 75 m² on the ground floor. It is leased to Who's That Girl, a fashion concept with 7 stores and more than 300 points of sale in Europe. The property generates an annual rental income of about 50 KEUR.
Antwerp, Schrijnwerkersstraat 15
The property located at Schrijnwerkersstraat 15, Antwerp, has a 5 metre wide facade and a gross surface area of approximately 264 m², of which approximately 71 m² are located on the ground floor. Today, the property is not occupied. The estimated rental value amounts to 75 KEUR. The contributor will grant Qrf City Retail a rental income guarantee for an amount of 75 KEUR for a period of two years.
First acquisition in Ostend
Qrf City Retail has acquired its first properties in Ostend with the contribution in kind of three commercial premises located at Kapellestraat 105, Adolf Buylstraat 1A and Adolf Buylstraat 36. After this transaction, Ostend will account for 3% of the Fair Value of the property portfolio.
With more than 70,000 inhabitants, Ostend is also known as the "Queen of Seaside Resorts." The city has a good reputation for tourism, cultural offering and shopping destination. Many tourists find their way to Ostend thanks to the various direct connections per train from Bruges, Kortrijk, Brussels, Ghent, Liège and Antwerp, among other places. In 2016, the city registered approximately 1.3 million overnight stays and 3.8 million day tourists.
The city's popularity is reflected also in the Ostend retail market where a diverse mix of local and international retailers ensures a unique experience.
The Kapellestraat is the longest shopping street in Ostend and is located between the Wapenplein and the Mercator Marina. It plays host to a very extensive shopping offer that includes Galleria Inno, Zara, Brax, Holland&Barrett, Hema, Pearle, C&A, Versato, Tommy Hilfiger, Oil&Vinegar, Swarovski and G-Star Raw.
The Adolf Buylstraat runs directly into the Kapellestraat, and the two together make the most important shopping street in Ostend. The Adolf Buystraat in turn boasts such names as Delvaux, Nathan Baume, Terre Bleue, Formen, River Woods, Paris Londres, Mayerline and Scotch&Soda.
Ostend, Adolf Buylstraat 1A
The property is located at Adolf Buylstraat 1A, Ostend, has an 8 metres wide facade and a gross surface area of approximately 534 m², about 264 m² of which on the ground floor.
The property is located at the corner of the Kapellestraat and is leased to Planet Parfum, a Belgian perfume chain with 800 points of sale in Belgium and Luxembourg. Planet Parfum is a reference player in perfumes, make-up and care products. The total annual rental income amounts to approximately 135 KEUR.
Ostend, Adolf Buylstraat 36
The property located at Adolf Buystraat 36, Ostend, has a 8 metres wide facade and a gross surface area of approximately 910 m², of which about 253 m² are located on the ground floor. In 2013, the facade has been refreshed, which gives an attractive appearance to the building.
The property is leased entirely to Edisac, a French family company that specialises in the sale of quality bags and shoes for young and old. Edisac has three establishments in Belgium (Bruges, Ostend and Nieuwpoort) and eleven in France (including in Lille, Roubaix, Dunkirk and Arras). The total annual rental income amounts to approximately 175 KEUR.
Ostend, Kapellestraat 105
The property located at Kapellestraat 105, Ostend, has a 9 metres wide facade and a gross surface area of approximately 552 m², about 265 m² of which on the ground floor. The total annual rental income amounts to approximately 150 KEUR. The property is fully leased to Jack Wolfskin, which specialises in quality outdoor clothing and equipment. The lease has moreover just been renewed.