Quilvest Real Estate, the real estate investment arm of global firm Quilvest Private Equity, together with pan-European investor Arax Properties, have acquired an office building in Brussels from private investors.
Financial details were not disclosed.
The asset, Tour de l’Hôpital, is a 21,000 m2 office building in central Brussels. Quilvest is the lead investor and its co-investor, Arax Properties, will act as the operating partner of the joint venture.
'We are pleased to announce the acquisition of this very well located office building which offers great upside potential,' said Patrick Laroche, CIO Europe & Asia at Quilvest Real Estate.
'Brussels’ office market, and particularly its central business district, is a dynamic market, and we believe that modernizing the Tour de l’Hôpital, will make it a very attractive property for tenants and visitors alike.'
The Tour de l’Hôpital is a multi-let office building comprising fifteen floors above ground and is currently 100% let. The building is located in Brussels’ CBD, and within short distance from Bruxelles-Central train station.
'Following this first acquisition in Belgium, Quilvest intends to pursue further investments as part of its pan-European acquisition strategy. We continue to actively deploy capital in properties that offer value-add potential,' added Laroche.
In the last twelve months, Quilvest Real Estate has made investments in France (office, greater Paris), Italy (retail, Emilia-Romagna) and in the U.S. (office, Philadelphia and medical offices, Washington, DC).
Financing for the transaction was provided by German Landesbank Helaba.