Investment value for Xior of approximately EUR 10 million
Antwerp/Brussels, Belgium – 13 March 2018 – Xior Student Housing NV, the Belgian real estate investment trust (B-REIT) specialising in student housing in Belgium and the Netherlands, has entered into an agreement with BPI Real Estate in view of the acquisition of a 91-unit student housing complex in Brussels. The transaction, subject to certain conditions, has an investment value of approximately EUR 10 million. It allows Xior to strengthen its position in the biggest student city in Belgium.
Xior entered into an agreement with BPI Real Estate with regard to the redevelopment of a student property in Brussels, referred to as Woodskot. Xior intends to acquire the development project for which BPI Real Estate has already obtained a permit, and will subsequently complete the renovations itself. The property is located on the Camuselstraat in the centre of Brussels, Belgium's biggest student city. The location in the heart of Brussels is perfectly suited for housing students in the capital, where there remains a shortage of quality student housing.
This acquisition represents an investment value for Xior of approximately EUR 10 million and is expected to have an initial yield of around 6%. The acquisition strengthens Xior's position in the capital and increases its number of student rooms in the Brussels region to 637.
The property will offer a mix of studios and student rooms with shared facilities, complementing the offerings Xior already has in its portfolio. The complex will be erected in a wood structure which aligns with Xior's sustainability objectives. Completion and commissioning are planned for September 2019.
Christian Teunissen, CEO of Xior: "We are pleased to add this new project to the portfolio and to expand our offer of quality student housing in the biggest student city in Belgium. The project is a perfect match with our growth strategy, which we intend to continue to roll out in full force in 2018."
Jacques Lefèvre, CEO of BPI : “Signing with a buyer at the granting of the building permit confirms the relevance of our choice for a wooden structure in laminated wooden panels (Cross Laminated Timber). This technique, quite common in north-eastern Europe but innovative in Belgium for a project of this size, has allowed us to position ourselves as a pioneer.”
For more information about this transaction please contact
|Christian Teunissen, CEO |
Frederik Snauwaert, CFO
Arne Hermans, CIO
T +32 3 257 04 89
BPI Real Estate Belgium
Jacques Lefèvre, CEO