Belgian property group Immobel has agreed to sell the Commerce 46 office building in the European Quarter in Brussels to Allianz Real Estate for an undisclosed amount.
The BREEAM Outstanding and CO2 neutral building has been owned by Immobel since December 2018 and will be delivered in Q3 2022. It provides 14,200 m2 of space over 12 storeys and is let to bank ING which signed a nine-year lease in April last year.
‘Acquiring this Grade A Core asset in the heart of Brussels’ stable European Quarter provides geographic diversification within our portfolio,’ said Vincent Wathelet, head of Belux for Allianz Real Estate. ‘The scarcity of buildings of this quality in Brussels increases the resilience of the asset which is already fully let to a strong tenant and as such will provide long-term cash flow for our investors. Commerce 46 reflects the model of the future office in which we want to invest – a prime location combined with the latest technology as well as the highest ESG performance standards.’
JLL and CBRE advised Immobel and Allianz Real Estate on this transaction.
