CBRE Global Investors, acting on behalf of a Korean institutional client, has acquired the long-term leasehold of the Brederode office complex in Brussels for just over €122 mln.
The vendor was Belgian listed REIT Befimmo.
The Grade A, multi-tenant office complex is made up of three interconnecting buildings – Brederode 13, Brederode 9 and Namur 48. The total scheme comprises 22,307 m2 and is split between offices, meeting rooms, retail and archive space. There are also 68 underground parking spaces.
All three buildings underwent refurbishment between 2012–2016 and now have modern facilities as well as a BREEAM very good certificate.
Brederode is located in Pentagon City Centre, close to the Belgian Royal Palace and Central Station. There are a number of financial institutions located in the area.
The main occupier of Brederode is international law firm Linklaters, alongside four other tenants. The average contract length is 13.6 years.
John Mulqueen, head of transactions EMEA at CBRE Global Investors, commented: 'Our local team secured this core asset in an off-market transaction on behalf of one of our key global separate account clients. It meets their investment requirements by offering them income security and the location will always be attractive to occupiers.'
CBRE Global Investors was advised by JLL and law firm Loyens & Loeff.
Brussels has attracted significant Asian capital in recent years. In March 2016, for instance, German investment manager Patrizia Immobilien acquired the city's Astro Tower for €156 mln on behalf of a Korean consortium, which reportedly included Korea Investment & Securities Co.
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CBRE Global Investors holds the number 1 position in PropertyEU's Top 100 ranking of real estate investment managers and investors based on European transaction volume in 2016. The ranking appears in Top 100 Investors, deals and Dealmakers which is published this month. Limited print copies are available at the 2017 MIPIM real estate fair in Cannes.
