H.I.B. acquires Antwerp building for conversion

Tim Harrup

The former warehouse acquired by Home Invest Belgium, currently being used as office space, is located at Ankerrui 9 in Antwerp. The building has a surface area of 6,200 m² and is fully let. After expiration of the lease, the property will be redeveloped into a mixed project with about 30 residential units and a retail unit on the ground floor. In terms of the details of the transaction, Home Invest Belgium states that it has reached an agreement – subject to certain conditions – to acquire 100% of the shares in The Ostrov NV, the company that owns the building. The conditions are expected to be satisfied, and the transaction thus completed in the second half of 2021. The share price of the company is based on an investment value of the existing office building of approximately €10 million.

The building will be let as office space under a fixed-term lease, with a contractually stipulated annual rent of € 648,000. After expiration of the lease, Home Invest Belgium plans to convert the building into a mixed project with about 30 residential units and a retail unit on the ground floor. With its location by the entrance t,o the Waasland tunnel and a nearby tram connection that runs right through the city, the project is also easily accessible. This location is also close to the Eilandje a new Antwerp hotspot that in particular includes the Museum Aan de Stroom (MAS) on the Napoleondok. The district lies at the crossroads between the Port of Antwerp and the historic city centre.

CEO Sven Janssens comments: “This acquisition is our second project in Antwerp at an absolute top location. The building is just a stone's throw from the Eilandje, a thriving hotspot right in the heart of the city. By renovating an existing office building into a contemporary residential project, we will be doing our bit to make the city more sustainable and liveable.”.Along with strengthening its position in Antwerp, Home Invest Belgium goes on to say that with this acquisition, it is accelerating its growth strategy in Belgium's larger cities.