A property fund managed by UBS Real Estate has acquired the freehold of a landmark office property in Brussels from IFCH, a subsidiary of Fortis Real Estate, for EUR 92.5mln.
A property fund managed by UBS Real Estate has acquired the freehold of a landmark office property in Brussels from IFCH, a subsidiary of Fortis Real Estate, for EUR 92.5mln.
King Sturge, which acted as adviser in the sale, said the building at 166 Chaussée de la Hulpe is one of the most prestigious buildings in Brussels. Originally built for glassmaker Glaverbel (now AGC Flat Glass Europe) in 1967, the 31,000 m2 property was totally refurbished in 1998.
Hulpe 166 is almost fully let to a range of tenants, including AGC Flat Glass Europe, SAP, International Paper, Organon and Owens Corning. The building generated EUR 5.4mln in rent last year, reflecting a net initial yield of about 5%.
The Investment department of King Sturge Belgium advised IFCH on the sale, with Catella Property Belgium acting as co-agent.
