Pan-European real estate investor Patron Capital has marked its entry into the Belgian market with the acquisition of an office asset.
Patron Capital and its joint-venture partner Suprema have invested an undisclosed sum to buy Aramis Building in Brussels. The building is 32% let.
Patron Capital said its recently closed Patron Capital VI fund will be used to fund the acquisition.
The 11-storey building, which was completed in 2009, comprises 18,787sqm of office space and is located 1.5km from Brussels Airport.
Christoph Ignaczak, investment director and senior partner at Patron Capital, said the Aramis building offers an excellent opportunity for Patron Capital to enter the Belgian market, alongside its partner Suprema, with whom the company had already worked on projects in Germany.
“The Airport District has seen continuous rental growth since 2012 and has consistently outperformed take-up activity in most CBD sub-markets. It also has strong long-term prospects thanks to new transport infrastructure, a growing trend of occupiers moving to non-city-centre locations and limited availability of Grade A space.
“With the building only a third occupied, we see significant potential to attract new tenants by upgrading the space, improving the levels of service and amenity, and through active asset management.”
Daniel Cukierman, managing partner of Suprema, said: “With growing demand for space in the Airport District, we are excited to complete this deal with Patron Capital that will see us working together to improve and reposition this asset, bringing approximately 13,000sqm of currently vacant high-quality office space to the market.
“Our focus will be on creating an environment that provides the flexibility, service and amenities modern occupiers want in a post-covid world.”
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