KGAL’s pan-European real estate fund has acquired the Treesquare office building in Belgium from Nextensa.
Real estate investor Nextensa said the fully let 6,500sqm asset in Brussels was sold for a net price of €43.7m.
Treesquare, located at De Meeûs Square in Brussels’s European district, had been owned by Nextensa since 2004.
André Zücker, managing director of KGAL Investment Management said the property fits perfectly into the investment strategy of KGAL Core 4 Real Estate, a fund that targets core, core-plus and value-add properties in prime locations in major European cities.
The building is let to 12 companies, including Deutsche Börse, Netflix, the Embassy of Monaco and law firm Norton Rose Fulbright.
Zücker said: “Letting the ESG-compliant office building to a wide range of solvent tenants from different sectors results in an optimally diversified cash flow.”
Michel Van Geyte, CEO of Nextensa, said: “The sale of Treesquare is for Nextensa the reference of creating value. Nextensa bought this building in 2004 and transformed the asset into a brand-new sustainable building. We are very proud of this development and the sale of the building fits perfectly in the optimisation of the LTV strategy.”
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