17 May 2017
Brussels
Reporter: Theo Andrew

Dream Global REIT lands Brussels Airport Plaza


Dream Global REIT has acquired Airport Plaza, an office asset in Brussels, from SPE III Runway for 95.9 million.

The plaza consists of five office buildings, totalling 387,500 square feet of gross leasable space, currently 97 percent let with a weighted average lease term of 8.1 years.

The acquisition was funded through the REIT’s March equity offering, when it raised $115 million, as well as proceeds from its revolving credit facility.

It is the first time Dream Global has ventured into the Belgian market, having previously targeted property throughout Germany and Austria.

Located in the airport district, the area is home to an international tenant base including Samsung, Levi Strauss, Sanofi and McDonalds, with access to major motorways.

Dream Global is also expecting to close an asset in Stuttgart at the end of Q2, meaning the REIT would have fully deployed the proceeds of the public offering.

Jane Gavan, CEO of Dream Global, said: “We are excited to have entered into the compelling Brussels market with this high-quality acquisition Brussels, headquarters of the EU, is amongst the largest office markets in Europe and a strategic location for many multinational companies, making it an ideal location for the Trust’s expansion.”

She added: “We have now entered into our second market outside of Germany, further solidifying our reputation as a local European investor with a strong management platform.”

Alex Sannikov, senior vice president of Commercial Properties, said: “With strong corporate demand, a rising rent environment and compressing yields, Brussels shares similar favourable characteristics with both Germany and Vienna.”

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