GLL Real Estate Partners has bought an office building in Brussels from Aberdeen Asset Management's Degi International open-ended fund in liquidation.
GLL Real Estate Partners has bought an office building in Brussels from Aberdeen Asset Management's Degi International open-ended fund in liquidation.
Financial details were not disclosed but Aberdeen said the sales price was higher than the latest appraised value of the asset. At end-December 2012, the building was valued at €22.5 mln.
The asset, located at the corner of Rue Montoyer 47 and Rue de la Science 1/3 in the Leopold district of Brussels, was completely renovated in 2006, and provides around 8,500 m2 of rental space.
The building is almost fully let, with main tenant including the state of North Rhine-Westphalia for the EU representation.
'We had the advantage of a really good location and long-term leases to well-known institutions,' commented Aberdeen's board member Fabian Klingler.
The disposal comes within days of Aberdeen's disposal of two assets in the Bodio Center business park in Milan and the Theodor-Heuss-Allee 112 office building in Frankfurt on behalf of its Degi Europa open-ended fund in liquidation.
Completed in 1993, the Theodor-Heuss-Allee building provides around 30,000 m2 of office space largely occupied by American Express and Avaya. Financial details were not disclosed but the vendor said the sales price is 'slightly lower than the current market value' of €73 mln.
Global investment manager AXA Real Estate Investment Managers bought the office buildings in Milan for €64 mln. According to well-informed sources, the acquisition reflected a yield of 10.5%.
