Alternative investment asset manager Investcorp has acquired the headquarter premises of Coca-Cola in Belgium for €88 mln in a sale and leaseback deal.
Dubbed The Bridge, the single let office and research & development (R&D) asset is located in southwest Brussels and was built in 2001. it comprises three interconnected buildings covering 35,300 m2. The vendor was a wholly owned subsidiary of The Coca-Cola Company, which has signed a 10-year lease deal for the scheme.
Commenting on the acquisition, Neil Hasson, managing director - head of Investcorp European Real Estate, said: 'Our latest acquisition is in line with our recent focus on expanding our real estate portfolio across the Benelux region, which we believe is poised to benefit from solid economic and underlying property fundamentals.
'The Benelux region has growing and active real estate markets and are experiencing high levels of demand for office assets. We are excited to enter the Belgian market and expand our Benelux presence at an ideal time and with a high quality property and tenant in Coca-Cola.'
The property serves as Coca-Cola’s Belgian headquarters, housing its marketing and R&D functions. Upon completion, the property will be 100% occupied by Coca-Cola and several of its existing sub-tenants.
The acquisition marks Investcorp’s entry into Belgium real estate market and is its first European sale and leaseback transaction. The deal brings the firm's total European real estate assets under management to approximately €750 mln.
This latest transaction follows recent deals including the acquisition of a multi-let office complex in Munich, Germany, for €73 mln and the acquisition of a grade A office property in Rotterdam, the Netherlands, for €50 mln.