DEGI, the real estate investment company of German insurer Allianz Group, has purchased its first property in Belgium for its open-ended fund DEGI Global Business. The nine-storey property with 19,472 m[sup]2[/sup] of office space in Liege was purchased from Belgian company Confinimmo for EUR 31.3 mln. The property is located in the city centre and provides access to main roads and the public transport system. The majority of the office space and 1,548 m[sup]2[/sup] of archival area is let to insurer AXA.
DEGI, the real estate investment company of German insurer Allianz Group, has purchased its first property in Belgium for its open-ended fund DEGI Global Business. The nine-storey property with 19,472 m2 of office space in Liege was purchased from Belgian company Confinimmo for EUR 31.3 mln. The property is located in the city centre and provides access to main roads and the public transport system. The majority of the office space and 1,548 m2 of archival area is let to insurer AXA.
DEGI Global Business is geared towards institutional investors and affluent individuals. It is using debt capital to finance 40% of the acquisition and the rest comes from client investors who were contacted shortly before the actual purchase in a cash-on-demand procedure.
Liege's office market, DEGI said, comprises 500,00 m2 and ranks among the major regional locations in Belgium.
