This morning, an additional capital contribution of EUR 7.7 million was signed at the offices of notary Ghesquiere & Degryse in Ypres. The available capital for Forum Estates now amounts to EUR 51 million.
This capital contribution is part of the business plan of Forum Estates (the new name for Ulvenhout Retail Invest Fund – see the previous post) to build a portfolio of more than EUR 200 million supermarkets and other E-commerce resistant real estate by mid-2019, with annual recurring rental income of more than EUR 12 million.
Another capital increase is planned for spring 2019. The timing and amount will be in function of the identified strategically appropriate investment opportunities. The investment fund is still ‘on track’ to transform itself into a listed Regulated Real Estate Company in 2020. To this end, a number of exploratory talks with investment banks, financial advisors and legal councils are already underway. Preparations for this are likely to start in mid-2019, following approval at the Board of Directors and General Meeting.
This additional capital will be invested tomorrow in the purchase of a retail park, including Match and Quick in Jumet, near the Charleroi airport. More information will follow in the news section of this site.
For more information about Forum Estates, contact us here.