La Française Real Estate Managers (REM) has acquired the City Garden office complex from Patrizia for an undisclosed amount.
The nine-storey, core office building is located in the European district of Brussels, on the corner of the Rue Joseph II and Rue de Spa.
It offers 9,054 m2 of office space, 297 m2 of archive space and 40 parking places. In close proximity to the European Parliament, the asset is fully let to an EU institution until mid-July 2024.
Peter Balfour, head of Real Estate UK for La Française Real Estate Managers said, ‘We are delighted to acquire an asset in Brussels to complement the existing holding in Essen, Germany of the joint-venture. The building offers scope for asset management going forward in a strategic location in the heart of the European District.’
‘The European district where City Garden is located, has the lowest office vacancy rate of any area of the city and we have taken advantage of current demand for well-let offices to conclude this sale in line with the original plans we had for this asset,’ added Suzy Denys, country manager and director transactions at Patrizia BeLux.
The acquisition was partially financed by MünchenerHyp.
La Francaise REM was advised by PWC. The vendor was advised by Savills and CBRE on the disposal.
