Diversified French REIT Corum Convictions has bought a 7,600 m2 office on the outskirts of Brussels.

Diversified French REIT Corum Convictions has bought a 7,600 m2 office on the outskirts of Brussels.

The Kleine Kloosterstraat 10 site is fully let to Bridgestone Europe with seven years of a nine-year lease remaining. The financial details of the transaction were not disclosed.

CBRE acted for the seller, IVG Institutional Funds. Baker & McKenzie advised the seller on legal matters while Urban Law supported the buyer.

Paris-based Corum Asset Management established Corum Convictions to implement an open and opportunistic strategy to offer high returns by investing in all asset classes in France and the Eurozone. The REIT now has assets in five eurozone countries and a capitalisation of around €200 mln.

The investments reflect a net initial yield of 8.15% due to the focus on modern properties. Corum general manager Renaud des Portes de la Fosse said the fund ‘predominantly consist of new or recent assets with an average secured cash flow of more than six years.’