AXA Investment Managers - Real Assets (AXA IM - Real Assets) has agreed to acquire a long leasehold right on the Passport office building at Brussels Airport from Belgian developer Codic for €131 mln.
Passport is a fully-let, brand-new and multi-tenanted office building that was delivered in March 2018. Comprising 28,375 m2 of gross lettable area over two interconnected wings and including 361 parking spaces, Passport boasts an average lease term to break of over 15 years.
Nicolas Renders, head of asset management Belux at AXA IM - Real Assets, commented: 'We believe that Passport’s location within the Brussels Airport complex, its high quality specifications and blue-chip tenant base provide us with an opportunity to generate long term sustainable returns for our client. Furthermore, the property is also well positioned to benefit from the continued expansion of the wider complex as part of the airport’s long-term development plan.'