La Française Real Estate Managers (REM), acting on behalf of a joint-venture, has bought a 9,054sqm office building in Brussels from Patrizia.

La Francaise has paid an undisclosed sum to acquire the fully-let City Garden asset located on the corner of the Rue Joseph II and Rue de Spa. The acquisition was partially financed by MünchenerHyp, La Francaise REM said.

Details of the joint venture were undisclosed.

Peter Balfour, the head of real estate UK for La Française Real Estate Managers said: “We are delighted to acquire an asset in Brussels to complement the existing holding in Essen, Germany of the joint-venture.

“The building offers scope for asset management going forward in a strategic location in the heart of the European District.”

Suzy Denys, country manager and director transactions at Patrizia BeLux, said: “The European district where City Garden is located, has the lowest office vacancy rate of any area of the city and we have taken advantage of current demand for well-let offices to conclude this sale in line with the original plans we had for this asset.”

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