Listed Belgian real estate company Home Invest Belgium has acquired four apart-hotel buildings in Brussels by taking over landlord BE Real Estate.
The assets have been valued at €36 mln, with indexed rents of around €1,845,000 per annum.
Comprising 185 units in total, the assets will continue to be operated under the B Aparthotels brands by Beapart, on a 27-year leasehold.
'Entering into the 'apart-hotel' sector allows us to acquire high-quality real estate positions. By definition, hotel localisations are often excellent and very central,' commented Nicolas Vincent, CIO of Home Invest.
The first building is located in the European district, Square Ambiorix n. 28; the second in the vicinity of the Grand Place, rue des Dominicains n. 25. A third building is located at Avenue de Tervuren n. 149 on the Montgomery roundabout, and the fourth on Boulevard du Regent, close to the Madou place and the Cirque Royal.
The buildings will be completely refurbished by the operator over the course of the first year, while remaining open for business.
Home Invest first entered the hospitality sector in 2016 with the acquisition of residential holiday homes in the Center Parcs Port Zélande in the Netherlands.
'The apart-hotel sector is a natural extension of the classic residential sector. The buildings essentially present similar physical characteristics compared to classic residential buildings,' said Home Invest CEO Sophie Lambrighs.
'In the long term, they allow (by means of changing the permit) a resale by unit which perfectly fits within the company’s strategy.'