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.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
LaSalle closes £800 million debt fund
21 November 2017 | London | Reporter: Theo Andrew
The fund was supported globally, raising its funds from 17 limited partners across Europe, the Middle East, Asia and the US
EPIC warehouse acquisition in the pipeline
20 November 2017 | London | Reporter: Stephanie Palmer
Ediston Property Investment Company (EPIC) is set to acquire four retail warehouse parks in the UK from Stadium Group, for £144 million
HFF delivers $288.8 million loan for resi project
17 November 2017 | San Jose, California | Reporter: Theo Andrew
HFF has secured $288.8 million of construction financing for two luxury residential towers in San Jose, California
CBRE Capital Advisors chosen for £100 million fund
16 November 2017 | Belfast | Reporter: Theo Andrew
The Northern Ireland fund will provide debt finance for real estate, regeneration, low carbon and infrastructure projects. It has been appointed on a 15 year mandate
AXA IM - Real Assets hit final close on logistics club
15 November 2017 | London | Reporter: Theo Andrew
The fund, which seeks to invest in 1 million square metres of logistics developments across Europe, raised the equity commitments from four international institutional investors
LaSalle names European head in business restructure
14 November 2017 | Paris | Reporter: Theo Andrew
Karim Habra was previously head of France for LaSalle, and his appointment replaces the firm’s previous structure of naming country heads for Europe
L&G settles on UK retirement villages for £102 million
14 November 2017 | London | Reporter: Theo Andrew
The portfolio, not yet fully developed, will comprise of 694 units, located in Liphook in Hampshire; Faygate in West Sussex; Exeter in Devon; and Great Alne in Warwickshire