AEW has acquired an office in central Brussels by buying the shares in a Belgian company which holds the ownership rights.
Financial details were not disclosed.
The vendor in the transaction was Trône Holding.
AEW made the deal on behalf of its AEW Europe Value Investors II fund, for which this deal is the fourth investment.
Trône Square is located in the central business district (CBD) of the Belgian capital, comprising 7,000 m2 of high quality office space over eight floors. It is 53% let to two tenants.
The CBD is home to the European Commission and European Parliament, making it one of the most sought-after office locations in the city.
Carsten Czarnetzki, fund manager of EVI II at AEW, said: ‘This acquisition, our first for the fund in Belgium, is perfectly aligned with the fund’s strategy of targeting opportunities in the most liquid European markets which offer potential for value creation through active asset management.
‘There is high demand for office space in this area of Brussels, which combined with low vacancy is driving rental growth. With this transaction we have invested over €200mn and are on track with our capital deployment programme.’
AEW was advised by Clifford Chance and Cushman & Wakefield. Linklaters and CBRE acted for the vendor.
