Brussels-based real estate management firm Phicap Group has struck a deal with property management peer MVGM to take over its main mandates in Belgium, as well as the operational staff linked to these mandates.
The deal represents an actual, transferred portfolio made up of 26 properties, mainly offices with over 200,000 of space, held by 11 international firms.
MVGM Belgium will continue to operate the remaining portfolio not transferred, totalling about 70.000 m2.
MVGM is one of Europe's leading property managers and property specialists with around 1,600 employees across 41 branches MVGM said it was looking for 'a reliable and experienced partner for a takeover' of the Belgian market.
Accordingly, MVGM and Phicap will build a non-exclusive partnership, with Phicap covering Belgium in pan-European mandates.
MVGM already operates with other partners like this in the few countries where MVGM has no presence in Europe.
Michael Goldberg, founder and CEO of Phicap, said: 'I am very happy to be able to confirm this acquisition and partnership. Phicap Group's trust, reputation and experience have made the difference. I am convinced that this will further improve our attractiveness and enable our group to develop further in the future.'
The eight members of local MVGM staff have been incorporated into Phicap.
Maarten de Haas, managing director of MVGM Europe, added: 'We needed a serious partner who could carry out all the missions and mandates entrusted by our customers. A Belgian partner, renowned and recognised internationally and one that we have full confidence in to add to our partner network in Europe.'
