In addition to the recent capital increase, two well-located properties were contributed this evening in exchange for Forum Estates shares and a subordinated loan. The property of the Proxy Delhaize in Sijsele (photo) and the Basic-Fit in Mechelen were acquired as a result.
The Proxy Delhaize, located at Dorpstraat 175 in Sijsele, has recently been renovated and opened. This neighbourhood supermarket is 1264 m² in size, has 40 parking spaces and is ideally located along an access road, close to Lidl and some local businesses. The Delhaize group leases this property under a commercial lease until 2042. This is now the sixth Delhaize and the 93rd supermarket in the fast-growing portfolio of neighbourhood supermarkets real estate.
This acquisition fits in with Forum Estates’ investment strategy, which only invests in a supermarket and other E-commerce resistant real estate. This type of neighbourhood supermarket has experienced strong growth in recent years and meets the needs of today’s consumers who want to be able to shop in a quality, price-conscious, close and efficient manner. The ‘Proxy Delhaize’ neighbourhood store concept responds to this with its range of fresh products, late opening hours and Sunday openings. With the addition of this Proxy Delhaize store, Forum Estates strengthens its leading position as a real estate investor for neighbourhood supermarkets in Belgium.
The real estate of a Basic Fit branch in Mechelen was also acquired. This 1387 m² Basic-Fit with 20 covered car parks is perfectly located at Zwartzustervest 22 in Mechelen. This is now the fourth Basic-Fit branch of Forum Estates, leased to Basic-Fit Belgium. The fitness sector is a growing and e-commerce resistant sector. We expect this sector to fully recover after the pandemic.
Through both transactions, Forum Estates adds approximately EUR 270,000 in recurring rental income to its annual rental collection, which now amounts to almost 20 million euros per year.
21 December 2020