Bad bank IBRC offloads 3 prime Belgian properties for €59m

Irish bad bank IBRC has disposed of three retail and office properties in Belgium for a total of €59 mln.

The largest asset in the portfolio, the Meir 23 in Antwerp, was acquired by UK-based holding company GH Group for around €35 mln. The mixed-use building comprises 1,120 m2 of prime retail space and 3,010 m2 of offices in one of the city’s best retail locations.

The purchase price reflects a blended yield of 3.6%, corresponding to less than 3% for the retail outlets and slightly more than 6.0% for the offices.

The other two buildings, both located in Brussels, were sold to Ghelamco Invest for more than €24 mln. Centre Etoile is a15,700 m2 office property on Boulevard Bischoffsheim, while Louise 165 offers 6,150 m2 of office space with retail premises on the ground floor.

All three buildings were acquired in 2006 from financial services company Crédit Suisse.

CBRE, which advised on the sale, said the rules governing the liquidation of IBRC and the simultaneous negotiations with two buyers made the disposal of the assets a ‘true challlenge’.