More details on Aberdeen Asset Management's sale of an office building in Brussels CBD to German fund manager GLL Real Estate Partners.
More details on Aberdeen Asset Management's sale of an office building in Brussels CBD to German fund manager GLL Real Estate Partners.
The fully let, 8,592 m2 property at Rue Montoyer 47 in the Leopold district of Brussels was sold for around €40 mln on behalf of Aberdeen's Degi International open-ended fund in liquidation, PropertyEU has learned. The deal reflects a yield of just below 6% and a slight premium on the last valuation of the property.
Jones Lang LaSalle, which brokered the transaction on behalf of Aberdeen, said a competitive bidding process preceded the disposal of the property.
The building, which was entirely redeveloped in 2006, is located within walking distance of the EU parliament and Luxembourg Place.
'We had the advantage of a really good location and long-term leases to well-known institutions,' commented Aberdeen's board member Fabian Klingler.
One of the main tenants is the German state of North Rhine-Westphalia for the EU representation.
BNP Paribas Investment Management was responsible for the asset management of the property.
