IVG, represented by real estate advisor Savills, has acquired a multi-let office building in Brussels CBD for an undisclosed figure. The building totals 4,400 m[sup]2[/sup] and is located at Rue Guimard 7 in the vicinity of Square Frere Orban behind Avenue des Arts.
IVG, represented by real estate advisor Savills, has acquired a multi-let office building in Brussels CBD for an undisclosed figure. The building totals 4,400 m2 and is located at Rue Guimard 7 in the vicinity of Square Frere Orban behind Avenue des Arts.
The building is fully let to prime tenants including Banque Degroof, one of Belgium's most established private banks; Aareal Bank, a leading provider of commercial real estate financing in Europe; and international law firm Morgan Lewis.
Savills said the deal is critical in establishing current pricing for multi-let buildings and, in particular, demonstrating the strength of covenants for financial tenants which most investors have shunned over the last year. The property is let to seven tenants of which over 50% are companies in the banking sector.
Gregory Martin of Savills Benelux said: 'The investment of Guimard 7 marks another important deal for the 2009 Brussels investment market which we are proud to announce in these difficult times. It is the second multi-let acquisition of the year in which Savills has taken part. The tenant mix in Guimard 7, although dominated by financial institutions, is yet more evidence that investors are starting to broaden their investment scope again.'
