CBRE Global Investors and the Cicerone Fund, managed by Italian investment firm Fabrica SGR, have purchased the Mondrian office building in Brussels, Belgium, for €131.5 mln.
The 20,600 m2 asset, located in Brussels' Leopold district, was purchased from German fund manager Union Investment.
The Mondrian is made up of two separate, seven-floor buildings connected by a glass atrium. The entire building is let to the European Commission, serving as its joint research centre and directorate-general of research and innovation.
The Cicerone Fund is a pan-European real estate fund dedicated to Cassa Forense, the Italian pension fund for lawyers. Its portfolio is currently made up of 40 properties, mainly in the office and residential sectors, valued at around €1 bn. CBRE GI advises the fund and Fabrica SGR acts as asset manager.
Welcoming the deal, Piet van Poppel, country manager of Belgium, CBRE, said: 'This is a fantastic asset to add to our client’s portfolio. With the combination of a modern and contemporary design it stands out in the Brussels office market.
'It is located in a district that has attractive market fundamentals with exceptionally low vacancy rates for Grade A buildings. In addition to this it offers our client safe and stable long-term returns with a tenant who still has 13 years left of their tenancy.'
Matteo Greco, Cicerone RE Holding BV’s director said: 'The strategy of Cicerone RE Holding BV remains focused on assets with very strong fundamentals in terms of location, iconic feature, real estate quality and tenancy of primary standing.'
The Cicerone Fund has made six acquisitions outside of Italy to date.