Savills Investment Management (IM) has bought a seven-storey office property in Belgium for its European property fund.
The investment manager’s European Commercial Fund (ECF) acquired, as part of a share deal, the fully-let 5,872sqm asset in Brussels from Alides REIM for an undisclosed sum.
Gerhard Lehner, managing director and head of fund management Germany at Savills Investment Management, said the property is in a prime location in the established European District and is particularly attractive due to its good rental growth prospects.
“It also impresses with its high sustainability efficiency and new construction quality, Lehner said.
“Following last year’s acquisition of the NUBIS office complex in Berlin, the current acquisition in Brussels has enabled us to acquire another highly attractive office investment in a region benefiting from high rental growth in Europe, and raise the fund’s office allocation to 40%.”
Lehner said the fund, which invests in office, retail and logistics, is still open to new equity commitments.
Including the new acquisition, the fund holds a total of 19 properties in eight countries with a market value of over €800m.
“With these, we are planning further office investments, with the focus increasingly on Spain and the Netherlands,” Lehner said.