British real estate investment manager Prupim has acquired the long leasehold interest in the Woluwe Atrium office property in Brussels on behalf of the M&G European Property Fund. The purchase of the office complex from Belgian-Dutch financial services group Fortis for EUR 39 mln reflects a yield of about 5.7%. The asset, located in Brussels' Souverain-Woluwe district, comprises 13,000 m[sup]2[/sup] of space over five storeys and is almost fully leased following an extensive refurbishment from 2000 to 2002.
British real estate investment manager Prupim has acquired the long leasehold interest in the Woluwe Atrium office property in Brussels on behalf of the M&G European Property Fund. The purchase of the office complex from Belgian-Dutch financial services group Fortis for EUR 39 mln reflects a yield of about 5.7%. The asset, located in Brussels' Souverain-Woluwe district, comprises 13,000 m2 of space over five storeys and is almost fully leased following an extensive refurbishment from 2000 to 2002.
Prupim is part of the M&G Group, the asset manager of British financial services group Prudential. Fund manager David Jackson said the latest acquisition gives M&G European Property Fund exposure to an additional key office market. The fund recently entered Sweden and added a second asset in the Netherlands. It also has a presence in France and Germany.
Cushman & Wakefield Investors acted for Prupim and will asset manage the investment in partnership with Prupim. Fortis acted for itself.
While the majority of Prupim's £19 bn (EUR 26.6 bn) of real estate holdings are in the UK, about EUR 2.1 bn is invested in North America, Continental Europe and the Asia Pacific region. Prupim has invested in about 1,000 properties with 6,000 tenants worldwide.
