Belgian real estate service provider Phicap, acting on behalf of a European private-equity fund, has purchased an office building in Brussels from UK investment manager Schroders.
Financial details were not disclosed.
Dubbed Arts 44, the property was divested on behalf of ILMA, a joint-venture managed by Schroders and funded by Ilmarinen Mutual Pension Insurance Company and a French insurance and pension group.
'We are pleased to complete this important step for ILMA and its shareholders,' said Thomas Guyot, head of investment France at Schroders.
'Part of the proceeds from the disposal will be reinvested in strategic capital expenditures to enhance and reposition other assets of ILMA's portfolio with a view to create long term value. This is in line with ILMA's strategy and our philosophy of active asset management.'
The property, at Avenue des Arts 44, which was acquired opportunistically in September 2015 by Schroders, is a corner building located in the Leopold District.
The eight storey building comprises approximately 5,990 m2 of office and retail space and 45 parking spaces. It is 94% let.
According to Schroders, disposal is in line with ILMA’s investment strategy to focus on large, high quality office properties to be held in the long term.