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AXA Belgium takes Befimmo stake in return for Antwerp building
June 18, 2013 / 3:58 PM / 4 years ago

AXA Belgium takes Befimmo stake in return for Antwerp building

BRUSSELS, June 18 (Reuters) - AXA Belgium will take a 9.6 percent stake in Belgian property investment company Befimmo in exchange for an office building in Antwerp.

Befimmo said in a statement on Tuesday that it would take ownership of the AMCA building in the northern city of Antwerp, which was given a value of 110 million euros ($147.3 million).

Befimmo will issue about 2 million new shares to AXA Belgium at 54 euros each, above Tuesday’s closing level of 48.075 euros. The current annual rent is 7.1 million euros, equivalent to a gross yield of 6.4 percent.

Befimmo said the share issue would trim earnings per share by 0.02 euros over the first three years. ($1 = 0.7467 euros) (Reporting By Philip Blenkinsop; editing by Barbara Lewis)

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