AG Real Estate has closed the acquisition of the Post X urban campus in Berchem, Belgium, from IRET Development in a share deal whose value was not disclosed.
The complex, located at the foot of the Berchem-Antwerp railway station, comprises seven buildings providing 61,000 m2 of office space, 4,200 m2 of local shops, a sports hall and a 142-room hotel operated by Park Inn by Radisson.
‘There is a record demand for office space in Antwerp equivalent to more than 150,000 m2 of take-up and more than 200 transactions over the years 2017-2018,’ said Amaury de Crombrugghe, chief investment officer of AG Real Estate. ‘We had to seize the opportunity to acquire such a large volume with quality return on investment, more than 97% of which is occupied by renowned clients.’
IRET Development was advised on the transaction by CBRE, Baker & McKenzie and Deloitte. For its part, AG Real Estate was assisted by Linklaters, Aecom and Eight Advisory.
AG Real Estate also owns the 130,000 m2 Kievitplein mixed development in the region, which it bought in 2014.
