Phicap has bought a 5,990sqm office building from a joint venture managed by Schroder Real Estate Investment Management.

Schroders said it sold Avenue des Arts 44, 1040 Brussels (Arts 44) on behalf of ILMA, a joint venture funded by Ilmarinen Mutual Pension Insurance Company and a French insurance and pension group.

Phicap bought the asset on behalf of a European-based private equity fund.

The 8-storey office and retail building is 94% let.

Schroders, which acquired the Arts 44 building in September 2015, said the disposal is in line with ILMA’s investment strategy to focus on large, quality office properties to be held in the long term.

Thomas Guyot, the head of investment in France at Schroders, said: “We are pleased to complete this important step for ILMA and its shareholders.

“Part of the proceeds from the disposal will be reinvested in strategic capital expenditures to enhance and reposition other assets of ILMA’s portfolio with a view to create long term value.”