Befimmo acquires Belgian office project for €27m

Brussels-listed REIT Befimmo has acquired a 94-year long lease on an under-construction office in the Belgian city of Louvain-la-Neuve for €27 mln.

The expected yield on the investment is 5.6%.

The office building, dubbed Esprit Courbevoie, is located in the city's university distict, by UCLouvain. It is close to the centre of Louvain-la-Neuve with direct access to the station and the Brussels-Luxembourg motorway.

The property forms part of the new Esprit Courbevoie district, jointly developed by Besix Red and Thomas & Piron Bâtiment.

This office building is in line with Befimmo's strategy to invest in 'hybrid' assets. It will offer approximately 3,300 m2 of office space and 5,000 m2 of Silversquare coworking space, the latter of which marks a new step in the development of Befimmo's Belux network.

The building is scheduled for completion at the end of 2023. Marketing is underway, and Befimmo said it already held initial discussions with potential clients.

The project has a Breeam Very Good certification.


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