Brussels, Belgium. Cypriot company Easternmed Real Estate Capital Plc has completed the acquisition of the full share capital of Arlon 75BV, the company that owns The Muse, a newly delivered office building in Brussels’ European Quarter. The deal was confirmed in separate announcements by Easternmed and Belgian real estate group Immobel.
Transaction details
Easternmed said in an announcement to the Cyprus Stock Exchange that the total price for the acquisition of 100 per cent of the share capital of Arlon 75BV amounted to €82.26 million, with the payment made entirely in cash through a bank transfer.
Immobel referred to a total transaction value of €100 million. The difference between the two figures reflects the different basis used in the two announcements, with Easternmed referring to the price paid for the shares of the company that owns the property, while Immobel referred to the wider transaction value.
Structure of the deal
Immobel said the transaction included the sale of the shares of The Muse’s holding company to Easternmed Real Estate Capital, together with the sale of receivables linked to the European Defence Agency’s dedicated fit-out reimbursements to vdk bank.
JLL and CBRE acted as exclusive selling agents to Immobel in the transaction.
Financial impact
In its announcement, Easternmed said the deal resulted in goodwill of €22.83 million, explaining that this was linked to the fact that the property is not presented at market value in the company’s financial statements.
Property and tenancy
The acquisition adds The Muse to Easternmed’s international property portfolio. The building is set to house the European Defence Agency under a long-term lease.
According to Immobel, The Muse has secured a 15-year commitment from the European Defence Agency, giving Easternmed a long-term source of rental income from an EU-linked institutional tenant.
