14 March 2017
Brussels
Reporter: Theo Andrew

Brussels office acquired for €122.1 million


CBRE Global Investors (GI) has acquired the long-term leasehold of an office in Brussels for €122.1 million, from Belgian investment real estate trust Befimmo.

The office, acquired on behalf of a Korean institutional separate account client, has three interconnecting buildings, Brederode 13, Brederode 9 and Namur 48.

Refurbished between 2012 and 2016, the complex comprises 22,307 square metres of office, retail and archive space, as well as 68 underground car parking spaces. It has a Building Research Establishment Environmental Assessment certificate of very good.

There are currently five tenants in the Grade-A office building, including an international law firm, with an average contract length of 13.6 years.

A further 3,000 square metres of office space is still available to rent.

Located in the central business submarket in the city centre of Brussels, the building is close to the Belgian Royal Palace, Central Station and many of the city’s financial institutions.

Piet Van Poppel, country manager Belgium for CBRE Global Investors, said: “This is a trophy asset that we are very pleased to be able to add to our clients portfolio. The two main occupiers are on long term contracts which offer our client a secure and fully indexed cash flow.”

John Mulqueen, head of transactions for Europe, the Middle East and Africa at CBRE Global Investors, said: “Our local team secured this core asset in an off-market transaction on behalf of one of our key global separate account clients. It meets their investment requirements by offering them income security and the location will always be attractive to occupiers.”

JLL and Loyens & Loeff advised CBRE Global Investors on the transaction.

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