Investcorp, the global investment manager specializing in alternative investments, has taken control of two offices in Belgium on behalf of its European real estate platform.
The firm has completed the acquisition of Luso Invest , a company that owns Avenue de la Porte de Hal 27, an office occupied by the Flemish government, and Avenue Herrmann Debroux 2, the Belgium headquarters of insurance giant, Marsh.
Investcorp acquired the company from Monument Immo Management SA.
Avenue de la Porte de Hal 27 is fully let under a long-term lease to Opgroeien, an agency of the Flemish government that is responsible for youth welfare, children and families. The property was purpose built for the Flemish Government, who originally occupied it as an owner-occupier.
It comprises approximately 8,600 m2 of office and ancillary accommodation and 38 parking spaces. The property is located in the heart of Brussels, adjacent to the inner ring road and a 5-minute walk from Gare du Midi, the busiest railway station in Belgium and is also adjacent to the Porte de Hal metro stop.
Avenue Herrmann-Debroux 2 is fully let to global insurance giant Marsh under a long-term lease and acts as Marsh’s Belgium headquarters. The property comprises approximately 6,900 m2 of office and ancillary accommodation and 70 parking spaces. It was built in 2015 and was recently upgraded by the tenant. The property is located to the southeast of the city centre, close to Brussels’ outer ring road and the Herrmann Debroux metro.
Investcorp did not disclose the value of the investment but market professionals suggested it would be more than €50 mln.
The acquisition follows the investment into the Rome headquarters of the International Fund for Agricultural Development (IFAD), a United Nations agency, earlier this year.
Investcorp’s European Real Estate business has to date acquired €1.2 bn of real estate assets across the U.K. and Europe. Investcorp’s European portfolio consists of 11 office properties across Germany, the Netherlands, Belgium, Italy and the U.K., as well as 35 industrial assets in the UK.
Neil Hasson, Head of Investcorp European Real Estate, said: ‘We continue to see attractive investment opportunities across the UK and European markets. These two prime office properties align with our strategy to focus on high-quality, income-producing assets in markets with attractive demand and supply characteristics.’
Tom Martin, VP, Investcorp European Real Estate, added: ‘The assets are well-located and connected to transport nodes, with modern facilities and resilient environmental design, and offer stable, long-term income and potential for capital uplift.’
