New Antwerp project for Home Invest Belgium

Tim Harrup

Residential rental real estate specialist Home Invest Belgium has just announced that it has completed the acquisition of all the shares of The Ostrov NV, owner of an office complex building located at Ankerrui 9 in Antwerp. Home Invest Belgium states that it intends to transform the site into around thirty housing along with some retail space. The company’s share price – based on the real estate value of the existing premises – is estimated at around €10 million.

Home Invest Belgium CEO Sven Janssens comments: “Acquiring this site allows us to continue growing in major Belgian cities while also enhancing our presence in Antwerp, a city where we would like to continue developing in the future. With this deal we're acquiring a second site in Antwerp at a prime location. This new building is just a stone's throw from the Eilandje district, one of the most desirable areas in the city centre. By renovating and transforming an existing office building into a contemporary residential project, we are helping to promote sustainability and regenerate the city's quality of life.”

CFO Preben Bruggeman goes on: “This transaction is a land banking opportunity in line with Home Invest Belgium's rapid growth strategy, generating a very good yield of 6.3%. In addition, we are currently looking into redeveloping the building into residential units at the end of the current lease.”

H.I.B. had originally set out its intention to acquire this site in May. It points out that not only is the building in a vibrant cosmopolitan neighbourhood, but its location at the entrance to the Waasland tunnel and near a city-wide tram line makes it very easy to get to. The Eilandtje district was the subject of a vast redevelopment plan a few years ago, with the intention of bringing waterside living close to the heart of Belgium’s second city.