German fund manager Real IS has acquired an office property in Brussels CBD for its Real IS Smart special alternative investment fund (AIF) from a joint venture of Immobel, a Belgian property developer, and Dutch project developer Breevast. The transaction volume was not revealed.
The 13,000 m2 asset, dubbed C De Ligne, is let long term to a single tenant, Brussels-Capital Region for the 'Bruxelles Prévention & Securité' (BPS) department.
Real IS's acquisition amounts to a 9,500 m2 share in the property.
The building is BREEAM certified Very Good and has been renovated to a high standard. The property was built in the 60's and refurbished in 2015/16.
Immobel and Breevast were advised during the transaction by Laga and Monard Law.
Real I.S. AG was advised by Jones Lang LaSalle, the Loyens & Loeff law firm, as well as by Mazars in Belgium and by Roever Broenner Susat Mazars in Germany.
