Degi invests EUR 90m in Belgium

Degi, part of Aberdeen Property Investors, has acquired a fully let office complex in Brussels for an investment volume of around EUR 90 mln. The Espace Orban complex has been purchased indirectly through property companies and will be added to the Degi International open-ended real estate fund. The seller is General Electric Real Estate France.

The scheme, which is fully let to the European Union until 2016, comprises around 20,000 m² and is centrally located within close proximity of other EU institutions. Espace Orban comprises three office properties, of which two were built in 1993 and the other, Mansion House, dates back to the 19th century. The buildings are located in the European Leopold office quarter in Brussels.

'Brussels continues to be one of the most-sought after investment locations in Europe, due to its stable office market, supported by the presence of a number of well-known institutions,' said Degi CEO Bärbel Schomberg. 'We are particularly pleased with this acquisition given the limited availability of prime located office space in the city. Our investment in Espace Orban not only added three prime-located office properties to our portfolio, it also gave us an excellent tenant with a long-term lease - the EU,' said Schomberg.

This new acquisition expands the Degi International portfolio in Brussels to seven properties, with a total lettable area of 83,000 m² and a total value of around EUR 224 mln.