Rockspring Property Investment Managers has acquired an office building in Brussels via a liquidation process approved by Irish bad bank Nama.
The property, Cortenbergh 71, is located on the corner of Avenue de Cortenbergh, close to the European Commission's HQ in Quartier Leopold, at the heart of Brussels’ central business district.
The investment volume was not disclosed.
The Grade A office building totals 7,271 m2 and comprises eight floors with 180 m2 of storage space, as well as 76 underground parking spaces. The property underwent a complete refurbishment in 2006 and is currently 46% leased to a variety of tenants with strong covenants.
Jo De Clercq, partner at Rockspring, said: 'While offering excellent property fundamentals, in terms of being a high quality asset in a good location in an undersupplied market, Cortenbergh 71 has also been undermanaged for some time. Through a combination of active asset management and leasing activity we see an opportunity to create value and secure strong returns for our investor.'
Rockspring were represented by JLL, Law Square, Clifford Chance and the notary Actalys. CBRE acted for the seller.
