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Belgian listed property company Banimmo said it 'expects to finalise a significant acquisition in the retail segment in Paris', after raising over EUR 110 mln of fresh equity through real estate sales in the third quarter of 2009. The company, which in October sold the Mobistar headquarters in Brussels for EUR 70 mln, added that it is currently analysing other possibile acquisitions, while the Paris purchase will be completed before the end of November.

'After having succeeded in the first semester to consolidate its financial debt, Banimmo has, in the third quarter, concentrated its efforts to restart its core activity, and to position itself to seize acquisition opportunities,' the Brussels-based property company said in a statement. In July the company disposed of the Atlantic House building in Antwerp which, together with the Mobistar head office and other smaller sales, has generated EUR 110 mln of proceeds, which will 'enable Banimmo to reinforce its financial structure and to position itself to pursue additional acquisitions'.

The Belgian company's rental income rose by 16% year-on-year, reaching EUR 14.75 mln at end-September 2009. The increase is mostly a result of several important rental agreements signed for the Alma Court and North Plaza buildings in Belgium and for the Clamart retail complex in France. The occupancy rate reached a historical level of 90% at end-September 2009, the company said.

Banimmo, which is controlled by French group Affine, said that the Belgian and French property markets have started to show 'a small recovery' although the economic crisis has hit the conference centre segment hard. This segment is experiencing a decline in its occupancy rate and the ADR (Average Daily Rate), the company added.

For 2009, Banimmo expects to be able to realize a net current result in line with the levels reached in 2006 and 2007, before the start of the crisis.