Ilmarinen has bought a 50% stake in a second Brussels office property as it increases its international investment plan.
The Finnish pension insurance company acquired the company holding half of the Covent Garden office scheme in the Belgian capital for an undisclosed amount.
Hannover Leasing sold the 50% stake to Ilmarinen but will continue to manage the asset.
The building last traded for around €270m when China’s Gingko Tree reportedly bought it from Evans Randall in a joint venture with Hannover Leasing less than 12 months ago.
The 70,000sqm property, spread across two assets, is let to European Commission bodies on long-term leases.
Portfolio manager Mikko Antila said: “We were offered an excellent opportunity to carry out the investment together with another strong institutional investor.
“The investment strengthens Ilmarinen’s position in the Brussels office property market.”
Earlier this year, Ilmarinen invested in companies Bastion Tower I and II, which own the Bastion Tower in Brussels, alongside an unnamed French institutional investor.
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