Brussels serviced-apartments specialist B-Apart has appointed JLL as exclusive adviser on the sale and leaseback of its five-asset portfolio in key city centre locations.

Brussels serviced-apartments specialist B-Apart has appointed JLL as exclusive adviser on the sale and leaseback of its five-asset portfolio in key city centre locations.

The marketing process for the B-Aparthotels is being pitched to draw the attention of international investors. PropertyEU has learned that the indication price is in the region of €40 mln.

The 18,000 m2 portfolio comprises a total of 204 rooms.

As part of a transaction, B-Apart will re-invest a significant amount of proceeds into the properties. All of the assets involved in the transaction have recently undergone major capital expenditure investments or are scheduled to do so.

The sale will allow the B-Apart brand to pursue its growth strategy, which includes another property due to open in The Hague in the Netherlands. This asset is under construction and completion is scheduled for the first quarter of 2016.

“The serviced apartments sector is going from strength to strength and is attracting significant interest from institutional investors seeking to diversify into ‘alternatives’. The B-Aparthotel portfolio represents a fantastic opportunity for the buyer to invest in a secure, indexed linked income stream, underpinned by well-located assets and strong cash flow,' said Adam Wilson, vice-president Northern European transactions, JLL Hotels & Hospitality Group.

B-Apart was founded under the brand Europart with the first two properties in the Louise Quarter and Montgomery Square districts in 2006. Since then the company has led the serviced apartment sector in Brussels, adding three more aparthotels to its portfolio and with plans to grow the brand on an international scale.

The portfolio under offer consists of:

B-Aparthotel Grand Place: 42 rooms, 3,821 m2
B-Aparthotel Regent: 45 rooms, 4,017 m2
B-Aparthotel Ambiorix: 64 rooms, 6,443 m2
B-Aparthotel Montgomery: 34 rooms, 2,449 m2
B-Aparthotel Louise: 19 rooms, 1,530 m2