German fund manager KanAm Grundinvest Fonds has sold Kievitplein in the Belgian city of Antwerp.
German fund manager KanAm Grundinvest Fonds has sold Kievitplein in the Belgian city of Antwerp.
The buyer is the real estate division of Belgian insurance group AG.
The investment volume reflects a 3% premium to the most recent appraised value but is 14% down on the price the mixed-use complex traded for during the real estate boom. Kievitplein was last valued at €193 mln, giving the transaction a price of around €198 mln.
Kievitplein includes 130,000 m2 of commercial space and 1,107 parking spaces. The scheme, which was bought by KanAm in 2006 for €230 mln, is located in the immediate vicinity of the Central Station. It consists of eight high-rise buildings with offices, hotels, retail facilities, storage space, and residential units.
The main tenants are telecommunications company Alcatel-Lucent, Lindner Hotels, as well as several well-known retailers. Most of the leases are long-term contracts stretching up to 2029.
