Quilvest Real Estate has expanded its portfolio in Europe by joining forces with Arax Properties to buy a 21,000sqm office building in Belgium.

The duo they have acquired the fully-let Tour de l’Hôpital building in Brussels from private investors. Quilvest is the lead investor and its co-investor, Arax Properties, will act as the operating partner of the joint venture.

Financial details were undisclosed. Financing for the transaction is provided by German Landesbank Helaba.

Patrick Laroche, the CIO for Europe and Asia at Quilvest Real Estate, said: “We are pleased to announce the acquisition of this very well located office building which offers great upside potential.

“Brussels’ office market, and particularly its central business district, is a dynamic market, and we believe that modernising the Tour de l’Hôpital, will make it a very attractive property for tenants and visitors alike.”

Quilvest Real Estate is the $1bn (€882.8m) real estate investment arm of Quilvest Private Equity, a $5bn asset manager.

In the last twelve months, Quilvest Real Estate has acquired an office asset in France, a retail property in Italy and has invested in an office and medical offices in the US.

Laroche said: “Following this first acquisition in Belgium, Quilvest intends to pursue further investments as part of its pan-European acquisition strategy. We continue to actively deploy capital in properties that offer value-add potential.”