The firm said that the deals were struck as part of its asset rotation strategy, and were in line with the fair value of the properties.

;These transactions clearly confirm the resilience of the Brussels office market, the quality of Befimmo’s portfolio, and the capabilities of our teams,' said Benoît De Blieck, Befimmo CEO.

The properties include the Media building, located in the Brussels periphery, which is 99.1% occupied and has been in the Befimmo portfolio since 2000. Its sale is in line with the company focus on the city's downtown.

The other four properties, comprising the Guimard, Froissart, and Schuman 3 and 11 buildings are all located in the Leopold district of the Brussels Central Business District. According to Befimmo, these disposals were made to crystallise their value at an optimum point in the asset life cycle.

While Guimard and Schuman 3 are only 46% and 68.9% occupied respectively, the other CBD assets are close to full occupation.

The total gross current rent of the five properties is €6 mln. Based on investment value, the sale generates an overall net capital gain of some €35 mln. The global gross (initial) exit yield is 4.6% and the unleveraged internal rate of return (IRR) amounts to 6.0%.

The proceeds of the disposals will be used to finance ongoing development projects and enable further growth, the firm said.

The sales also mean that Befimmo has realised its disposal target of €200 mln for 2020 and 2021, although further transactions may follow to further optimise its portfolio.