Real IS, the property arm of German lender BayernLB, has acquired the Bar 65 office building in the Belgian capital of Brussels.
Financial details were not disclosed.
The asset was acquired for the firm's open-ended retail real estate investment fund Realinvest Europa.
Built in the mid 1980s, the office complex is located in Rue Belliard, one of Brussels main streets. The building has a total leasable area of 6,356 m2 and 61 underground parking spaces.
The BREEAM In-Use Excellent-rated property is eight-storeys high and was fully renovated in 2016. The occupancy rate is 100%.
Said Axel Schulz, global head of investment management of Real IS: ‘We are very pleased with this acquisition.
'The building is located in one of Brussels most attractive office property markets and benefits from an excellent position and stable rental situation.
‘The Belgian capital is one of Europe’s most stable office property markets, which is not least due to the fact that many public bodies are located in Brussels.
The building is centrally located in the European quarter of Brussels and is well served by public transport, Real IS said.
Real IS used the services of Cushman & Wakefield and JLL for the acquisition process. The law firm Allen & Overy acted as legal advisor. Drees & Sommer was responsible for technical consulting.
