AIK shops in Brussels with EUR 25m acquisition

Germany's APO Immobilien-Kapitalanlagesellschaft (AIK) said it has acquired an office building in the central business district of Brussels for a total of EUR 25 mln. The asset is earmarked for one of the company's special property funds.

The vendor was Brussels-listed property firm Cofinimmo.

The asset is strategically located near the European parliament and was completely renovated in 2002. The four-storey building with an historical façade and a new, adjoining, eight-storey building offers a total of 7,985 m² of usable area as well as an underground parking lot with 86 spaces. The complex is entirely let to the Flemish government.

The real estate investor said that the acquisition aimed to take advantage of the attractive net initial yields present in the Belgian property market as well as in a number of other European markets. 'We expect that yields will go back to previous levels over the next year in the majority of the European property markets,' said Stephan Hinsche of AIK. ' In this context Brussels in particular offers attractive entry possibilities because of the relatively stable rental levels in the office market, he added.

Click on the link below to read: 'Cofinimmo reports string of acquisitions and disposals'