Belgian REIT Cofinimmo has acquired the Arts/Kunst 46 office building in the heart of Brussels’ European district for a price of €31 mln, in line with the asset's latest appraised value.
The property, which is adjacent to the building located at 47-49 avenue des Arts/Kunstlaan, already in Cofinimmo's possession.
The building provides 11,516 m2 of office space, 921 m2 of archives and 128 underground parking spaces and is83 % occupied by several tenants. It provides a gross initial rental yield of 6.2% which could reach 7.5% when fully occupied.
Cofinimmo said it is considering the joint redevelopment of the two adjacent buildings, which provide a total space of over 20,000 m2.
Jean-Edouard Carbonnelle, Chief Executive Officer said that the acquisition is 'an example of the firm's strategy in the office segment'. 'It consists of renovating or redeveloping, if needed, the buildings already in our portfolio but also acquiring medium-sized buildings in the Central Business District, where our current portfolio is fully occupied. When these types of buildings are partially empty, their price can be attractive in the current market conditions. In the short term, our teams’ mission will consist in leasing the remaining surface areas and improving their overall comfort by appropriate refurbishments,' said Carbonelle.
