Andorran bank MoraBanc has acquired an office building in the European Quarter of Brussels from IVG Institutional Funds. The financial details were not disclosed.
Andorran bank MoraBanc has acquired an office building in the European Quarter of Brussels from IVG Institutional Funds. The financial details were not disclosed.
The ‘Arts 46’ property comprises just over 11,500 m2 spread over a 10-floor building, with 128 parking units. It is located on Avenue des Arts, minutes away from the prime shopping area of the Avenue Louise.
The tenants include Alliance Française de Bruxelles, Delegation du Québec, Motion Pictures Association and CBRE Global Investors.
Cushman & Wakefield and CBRE acted for IVG Institutional Funds as co-exclusive agents, with Baker & McKenzie advising on legal and tax elements. 'This transaction marks an important step for the Brussels office investment market since it demonstrates a growing appetite for assets with shorter leases,' said Michael Despiegelaere, associate in the capital markets team of Cushman & Wakefield.
The purchase is the first acquisition for MoraBanc in Belgium. MoraBanc is an Andorran banking group with an international focus that offers commercial and private banking, wealth management, investment banking, insurance services and investment funds.
