German investment and asset manager Quest Funds has announced the sale of an office building at the Rue Montoyer 34 in Brussels to Belgian real estate company Alides.
The sale was structured as a share deal and signed by Quest Funds’ Hesse Newman Real Estate Nr. 8 fund. Financial details were not disclosed.
The nine-storey property was built in 1993 and encompasses 12,582 m2 of office space which is leased to the European Commission until September 2021. Alides is planning to refurbish the property after the tenant has vacated the building. The complex also includes a restaurant and 216 m2 of retail space on the ground floor as well as an underground car park with 276 spaces.
‘Following the move-out of the European Commission, extensive investments need to be made in order to raise value in the property. During the sales process, we were able to leverage that potential and realise a pricing level from which the fund now profits without taking on any development risks,’ said Roland Holschuh, managing partner at Quest Funds.
