PATRIZIA acquires EUR 90m Brussels office asset
Investment delivers predictable and sustainable cash flows as well as reversion potential
Augsburg/Brussels, 25 July 2018. PATRIZIA Immobilien AG announces that it has acquired a high-quality office building in Brussels for EUR 90m on behalf of a Swiss institutional investor. Located in the Belgian capital’s CBD, the property has a gross lettable area of 17,237 sq m and is 98% let to the European Commission with a WALT of greater than 10 years.
This building, which is located in the Leopold, area was heavily renovated in 2013 and offers 12 upper floors including a top floor terrace with cityscape views. The property has three further underground floors, providing car and motorcycle parking space as well as cycle storage. It is located above the Arts-Loi metro station with direct access to Brussels South and Central stations. The property also includes two ground floor retail units.
The single client, single asset investment adds to PATRIZIA’s track record of managing Separate Accounts, offering tailored, nimble strategies based on specific client objectives.
Etienne Marcot, Region Head South West Europe at PATRIZIA, commented: “This first acquisition for a new PATRIZIA client highlights the continued demand by global institutions for strong European real estate but also our position as partner of choice to source and manage these investments. The Brussels property is exceptionally well let and strongly located, offering sustainable cashflows together with the potential for further reversion.”
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across Europe for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages almost EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Group Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55