German investor Triuva has acquired a residential and commercial building in Brussels' prime retail district for an individual mandate of a German insurance company for around €24 mln in an off-market deal.
The vendor was XL Finances, part of commercial property specialist GH Group.
The core retail and residential property is located at Chaussée d’Ixelles 60-68, a popular shopping strip within Brussels’ Louise district. The building comprises 1,500 m2 of retail space, 100 m2 of offics and 1,300 m2 of residential space. The anchor tenant is the fashion label Bershka, which is owned by the Inditex Group. There are a number of other clothing stores in the neighbourhood. The property is almost 100% fully let.
The five-storey property was renovated to a high standard inside and out in 2014, and is one of the most beautiful buildings on Chaussée d’Ixelles with its classic façade, Triuva said. The property will face the future Primark store. The Louise area is one of the most sought-after residential areas for young people and expats in Brussels.
The Chaussée d’Ixelles will also become fully pedestrianised in some years, adding to its future rental prospects, the company added.
Triuva was exclusively advised by CBRE, with both Clifford and Chance and Drees and Sommer providing legal and technical advice.
