Van Doorne advised Xior during the acquisition of 100% of the shares of the property company owning the property on the Eendrachtskade 2 in Groningen. The obsolete office building – also known as "The Black Box" – will be redeveloped into a multifunctional complex consisting of at least 225 independent units, offices and 180 parking spaces.
Located at Eendrachtskade 2, the project is in a prime location near the centre of Groningen and within walking distance of various universities and colleges. With approximately 54,000 students (including a significant number of international students), Groningen is a target market that fits perfectly in Xior's strategy.
The transaction has a total anticipated investment value of approx. EUR 46 million after completion of the project, as well as an expected initial yield of approximately 6.2%.
The existing building is being acquired by procuring 100% of the shares in the SPV. Renovation work will begin after the permit has been obtained and the building is expected to enter into operation from Q4 2020. Current rental income of in total EUR 2 million will continue to be generated until Q4 2020.
Xior Student Housing NV is the first Belgian public property company to specialise in the student housing sector in Belgium and the Netherlands.
Within this property sector Xior offers a variety of properties, ranging from rooms with shared facilities to en-suite rooms and fully equipped studios.
Since 2007, as owner and operator, Xior has been building high-quality, reliable student housing for students who are looking for somewhere they can study, live and enjoy life under ideal conditions. A place with that little bit extra, where every student will feel at home right away.
Xior Student Housing has been accredited as a public REIT under Belgian law since 24 November 2015.