Cording Real Estate Group has added two office properties in Brussels to its Benelux portfolio.
The asset manager said Benelux Commercial Real Estate Fund bought LOI 82, a 5,300sqm eight-storey office building situated at Rue de la Loi 82 and a 4,500sqm building at Avenue Louise 140. Both buildings are fully let.
The LOI 82 property was sold by investment managers EuroCapital Property Investors.
No financial details were disclosed.
René de Heus, the head of Cording Real Estate Group’s investment in the Benelux region, said: “We are pleased with our first two acquisitions in Brussels. They match our strategy of acquiring office properties in the best locations in the Benelux countries.
“Both the economic conditions in Brussels and the capital of Europe are very attractive. We anticipate that the positive local market conditions, such as a low vacancy rate and limited supply of space, will further boost rental growth and lead to increasing rental incomes.”
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail property in the Netherlands, Belgium and Luxembourg.
The fund’s focus is on properties with diversified cash flows located in economically strong cities.
The fund has a gross target volume of €400m that includes €250m of equity. The total gross asset value of the fund is currently around €200m.
