CB Richard Ellis Investors, through its Luxembourg-based Strategic Partners Europe Fund, has acquired the Airport Plaza business park project in Brussels from Belgian developer Robelco for an undisclosed amount.
CB Richard Ellis Investors, through its Luxembourg-based Strategic Partners Europe Fund, has acquired the Airport Plaza business park project in Brussels from Belgian developer Robelco for an undisclosed amount.
The Airport Plaza business park will be located on the Brussels ring road in the immediate vicinity of the airport. It will comprise seven state-of-the-art office buildings. The project will be built in two phases, with the first consisting of five buildings comprising 35,667 m2 and 721 parking places, and the second comprising around 20,170 m2 of office space and 480 parking places. Building permits for phase one have already been obtained and construction work will start at the end of 2008.
'In an investment market plagued by financial and economic constraints, this transaction proves the dynamic nature of some players. Controlling a project while it gains maturity in the next few years, should allow the investor to be ready when the market improves,' said Maxime Xantippe, managing partner at CBRE.
Strategic Partners Europe Fund is subscribed by American pension funds with a view to investing in real estate assets in Continental Europe. The fund has already invested EUR750 mln in real estate assets in France, Italy and Germany.
