Belgian REIT Home Invest Belgium has purchased a 5,800 m2 office in Brussels from AXA Belgium which it plans to convert into a 55-apartment residential building.
The total investment volume, including acquisition, studies and building works is expected to amount to €17 mln. The initial yield is expected to reach around 5.25% once the building is fully operational.
The undisclosed sale price of the office asset, which is located in rue Jourdan, is in line with the fair value defined by property consultant Winssinger & Associates.
Architect Studio Farris has been appointed to carry out the conversion studies, and is expected to apply for planning permission in the second quarter of 2017. Once completed, in around 2020, the building will be added to the cluster owned by Home Invest in this district, which includes properties Bosquet-Jourdan, Jourdan 85 and Jourdan-Monnaies.
