KB Securities’ €605 mln acquisition of a Brussels landmark was the largest of eight office sales, with others in London, Paris and Poland.
Brussels’ 122,000 m2 North Galaxy Towers is let to the Belgian Ministry of Finance. The buyer’s advisor, Knight Frank Investment Management said it was their seventeenth acquisition on behalf of South Korean capital which ‘enhanced’ KFIM’s reputation as an income-focused manager.
Elsewhere, German and French investors bought big buildings in Paris while UK REITs and an Indonesian company put capital into London income-producing offices at 4.25%-plus yields as well as a significant City fringe development site.
Canadian Pension Plan Investments made a big commitment to a regional UK tech and engineering park, while a Swedish investor bought an office building in Poland.
Among the new assets up for sale is a very large office-led development, currently under construction, in Berlin.
In the financing market, some borrowers are switching from floating to fixed rate loans, with an eye on the risk of further rising rates. AEW UK Reit cited this as it announced a new facility this week.
We also track the capital raising successes of five funds raising equity.
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