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B-aparthotels sells BE REAL ESTATE S.A.

With the sale of one of its entities, B-aparthotels sells 4 apart-hotels.

The apart-hotel chain B-aparthotels has announced the sale of BE REAL ESTATE S.A, one of its entities which owns the freehold interests in 4 aparthotel buildings in Brussels.

This portfolio consists of 185 apartments: B-aparthotels Grand Place (42 keys), B-aparthotels Regent (45 keys), B-aparthotels Montgomery (34 keys) and B-aparthotels Ambiorox (64 keys). These last two properties will benefit from a complete renovation during the year.

The properties found a buyer with Home Invest Belgium (HIB), an important real estate company in the Belgian residential sector. Through a "sale and lease back", the apart-hotels will continue to operate under the B-aparthotels brand.

The investment value of the portfolio has been set at 36 million euros and the fixed rent corresponds to a yield of 5.1% on a long-term lease. The transaction is expected to close before the end of the year.

The B-aparthotels Group currently operates 6 apart-hotels in Belgium (Brussels and Antwerp) and the Netherlands (The Hague), and should open a unit in Amsterdam at the end of 2018.   

Romain Avril, CEO B-aparthotels expressed his will to “

to concentrate on our core business, which is the management of our apart-hotels, and to provide us the financial means to accelerate the international development of the group, which remains the main objective for the future. The apartment hotel sector in Europe is under-exploited and we have identified tremendous development opportunities in which the B-aparthotels brand can play a key role. We have ambitious growth plans and our target is to have 30 apart-hotels in operation and under development in Europe by 2022. This transaction is the cornerstone of our partnership with Home Invest Belgium in the Benelux area."

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