German fund manager Deka Immobilien has acquired an office building in the European Quarter of Brussels from Belgian banking and insurance group KBC.
German fund manager Deka Immobilien has acquired an office building in the European Quarter of Brussels from Belgian banking and insurance group KBC.
The investment volume comes to €32.5 mln. Well-informed sources say the investment volume reflects a yield of 6.2%.
The office building on Avenue des Nerviens 9-31 in the Leopold District comprises 8,400 m2 of office space and is over 90% let. Tenants include the Embassy of New Zealand, FoodDrinks Europe, Hoyng Monegier, ACE European Group Limited and McDermott Will & Emery. The property also includes 125 parking spaces.
Savills advised KBC on the sale.
The asset will be included in the portfolio of WestInvest ImmoValue, an open-ended mutual property fund which is exclusively designed for institutional investors.
'WestInvest ImmoValue has exploited a favourable opportunity to buy this fully let office property in the Leopold sub-market in Brussels, which boasts excellent transport links,' the company said in a statement.
