Cofinimmo secures tenant for 75% of Brussels building

Belgian listed property company Cofinimmo said it has secured an information technology company as a tenant for 75% of the total building space in its Woluwe 102 office building in Brussels. Cofinimmo said it had signed a nine-year lease with the tenant for the space in the building, which is currently being renovated and should be ready for delivery in the autumn.

Cofinimmo said the expected gross initial rental yield after the renovation is 6.75%, assuming the building is 100% rented, while the rental level amounts to EUR 150 per m². The company added that the commercialisation of the remaining 2,124 m² in office space is ongoing and looks promising.

While Cofinimmo did not disclose the name of the tenant, it said it is already on of its most important clients. Cofinimmo acquired the Woluwe 102 building empty at the end of 2007 for EUR 14.36mln, as part of its strategy of developing a portion of its assets. The information technology company will occupy the two upper floors as well as the ground floor.