KGAL Investment Management has acquired two mixed-use office buildings – Stéphanie Plaza and Stéphanie Square (known locally as The Princesses or The Stéphanie’s) – in a prime location in Brussels, on behalf of a pan-European fund. Financial details were not disclosed.
The building ensemble provides a total of 28,000 m2 of rental space as well as 280 underground parking spaces and is centrally located forming the entrance to Avenue Louise, a renowned street in the Belgian capital. The two mixed use buildings were constructed in neo-art deco style in 1983 (Stéphanie Plaza) and 1988 (Stéphanie Square) and each have ten floors above ground and three floors below ground. Retail space is located on the ground floor, with office space occupying the floors above. Both buildings have a BREEAM certificate with a rating of Very Good.
Explaining the rationale for the acquisition André Zücker, managing director and head of Real Estate of KGAL Investment Management, said: ‘Brussels is one of the richest regions in Europe. In the last ten years, the population of the metropolis has grown by more than seven percent and this positive trend is set to continue in the years to come. The location has all the attributes to meet the increasing demand from tenants for quality that cannot be replicated in other locations across the city. The high-quality of the overall scheme will enable us to unlock further potential through active asset management.’
‘With this latest acquisition in Belgium, we are now represented in ten European countries as a result of numerous transactions,’ added Christian Schulte Eistrup, head of International Business Development at KGAL Investment Management.
