Hamburgische Immobilien Handlung (HIH) said this week that it has placed its first Belgian fund with an investment volume of over EUR 37 mln, of which EUR 21 mln is its own equity. The HIH Global Invest 03 - Belgien closed-end vehicle has purchased the Rue Royale 138 office building located in the city centre of Brussels for EUR 31.5 mln.
Hamburgische Immobilien Handlung (HIH) said this week that it has placed its first Belgian fund with an investment volume of over EUR 37 mln, of which EUR 21 mln is its own equity. The HIH Global Invest 03 - Belgien closed-end vehicle has purchased the Rue Royale 138 office building located in the city centre of Brussels for EUR 31.5 mln.
The 9,000-m2 property is completely leased to the Belgian state with a remaining period of 10 years. 'Investors currently favour security above all,' said Tom Dean, CEO of HIH Vertriebs. 'The short placement period - seven weeks - confirms that we have offered the right product at the right time.'
'We are already working on another transaction and will remain active in the Belgian capital,' added Andreas Schultz, director of HIH Global Invest. The liquidation of the fund is not expected for the next 10 years.
In a separate statement, HIH said that it has signed an agreement with Germany's Alstria REIT to provide real estate management services on a portfolio of 50 properties across Germany. The mandate will include a further 20 assets after the first three years.
