Intervest Offices & Warehouses acquires strategic logistics site with future sustainable redevelopment potential of 70,000 m² in Liège (Herstal)

With this acquisition, Intervest strengthens its position in the Liège area, the logistics hotspot par excellence in Wallonia for carriers and logistics service providers.

In the framework of its strategic plan with a thorough focus on the logistics segment, Intervest Offices & Warehouses (hereafter "Intervest") has entered into an agreement on August 2, 2023 for a phased acquisition of a strategic logistics site in Liège (Herstal) with a site area of approximately 15.5 ha of which approximately 66,000 m² of lettable area. This transaction confirms Intervest's ability to grow in strategic locations in the logistics segment.

The site offers the possibility of sustainable redevelopment of approximately 70,000 m² in the future. It is conveniently located close to all major European freeways, towards Germany, the Netherlands, France or Luxembourg, as well as close to Liège airport, has multimodal access and forms a cluster with the adjacent Intervest property. Thus, following the previous acquisition of an adjacent site in 2022, the existing site will be expanded again with approximately 16 hectares becoming available for development. This creates the opportunity to support existing tenants on both sites in their growth plans. In addition, through the created scale of nearly 30 ha of land, additional synergies can be found in efficiency and management.

The site was fully leased upon acquisition, at an annual rent of €1.27 million, with various terms to allow flexibility in responding to the development potential of the site.

Transaction Structure

Intervest has acquired control of the company Industrial Logistic Warehousing Services SPRL (hereinafter "ILWS"), owner of the entire logistics site in Herstal. The acquisition will take place in two phases. Today, a control percentage of 74.35% of the company ILWS has already been acquired. The second part of the acquisition (the remaining 25.65%) is expected to be carried out in 2024.

The acquisition of the entire logistics site with an overall investment value of the property of €29 million, in line with the valuation by the company's real estate expert, will be financed for 54.83% through a contribution in kind within the framework of the authorized capital and for the remaining 45.17% through Intervest's existing credit lines with financial institutions and through the assumption of the company's ILWS credits for approximately €3.5 million.

Today, the first phase will be realized by acquiring 74.35% from the company ILWS. This phase will be financed by contributions in kind (54.83%) and debt (19.52%).

The contribution in kind was realized against payment of 944,649 new shares of Intervest. The new shares were issued as a result of a capital increase in the context of the authorized capital, by a decision, on August 2, 2023, of Intervest's supervisory board and will only participate pro rata temporis in Intervest's results for the current fiscal year, specifically as of August 2, 2023. The issue price is set at €13.78 and is based on the volume weighted average closing price (VWAP or Volume Weighted Average Price) of the Intervest share, as made available on the Euronext Brussels website for thirty calendar days prior to August 2, 2023. Consequently, the transaction results in a strengthening of equity by €13 million, of which €8.6 million is capital and €4.4 million is share premium. This transaction, with potential for redevelopment in the future, has a neutral impact on Intervest's debt ratio and a limited impact on EPRA EPS.

Disclosure pursuant to Article 15 §1 of the Law of May 2, 2007 on disclosure of major shareholdings (Transparency Law):

As a result of this capital increase and the issuance of 944,649 new shares at a total issue price of €13 million - more specifically, €8.6 million capital and €4.4 million share premium - Intervest's total capital as of August 2, 2023, amounts to €280,891,486.69 million.

The capital is now represented by 30,825,122 fully paid ordinary shares. There are no preferred shares. There are no outstanding options or warrants issued entitling to shares. Each of the shares confers one voting right at the general meeting and these shares represent the denominator for purposes of notifications under the Transparency Law (i.e. notifications in the event of, among other things, reaching, exceeding or falling below statutory or legal thresholds). In addition to the statutory thresholds, Intervest's Articles of Association, pursuant to Article 18, §1 of the Transparency Law of May 2, 2007, provide for an additional statutory threshold of 3%.