Qrf City Retail, the specialist in inner-city retail properties in the major cities of Belgium and the Netherlands, has concluded an agreement, under the usual conditions precedent, for the sale of four retail premises: two located out-of-town in Marche-en-Famenne (8 Rue du Parc Industriel) and two inner-city properties located in Mons (5 Grand Rue) and Ostend (36 Adolf Buylstraat).
The properties are fully let and generate together 443 KEUR in Contractual Rents on an annual basis.
The net selling price (after deduction of registration fees and other transfer charges), amounts to a total of 7.3 MEUR and exceeds the Fair Value according to the most recent appraisal by the real estate expert.
The sale is part of the management approach of Qrf City Retail to optimize its real estate portfolio. It is fully in line with the ‘Rebalancing for Future Growth’ strategy that Qrf City Retail announced in the beginning of 2018, geared to divesting a part of the portfolio and to seek actively opportunities in its portfolio and in the market.
Qrf City Retail expects to complete these sales in the fourth quarter of 2018. The proceeds will be used to reduce the debt and to redevelop the project in Leuven. This sale will have a positive impact on the Debt Ratio which is expected to drop, ceteris paribus, from 54.3% on 30 June 2018 to 53.1%.
In recent years Qrf City Retail has sold various properties in smaller cities and reinforced its position in major cities such as Antwerp and Ghent. Furthermore, Qrf City Retail realised the redevelopment of its site in Aalst (29-33 Nieuwstraat), which led to the welcoming of A.S. Adventure as a new tenant.