German investor Real IS has acquired the fully let Platinum office building located on Avenue Louise 231–235 in Brussels in a share deal on behalf of its BGV VIII Europa fund. Postbank provided long-term financing of the acquisition.
The property, which was fully renovated and repositioned in 2010, covers a rental area of around 26,600 m2 divided between 12 tenants, including BNP Paribas, Bird&Bird, Louis Vuitton and Silversquare.
The vendor was an office fund managed by Munich-based GLL Real Estate Partners, which bought the asset back in 2014 for around €90 mln.
‘The property meets the investment criteria for our ‘BGV VIII Europa’ fund: The building is located in the prestigious Avenue Louise in the heart of Brussels and is let long term. It fulfils all the requirements placed on a contemporary and attractive office property,’ said Axel Schulz, global head of Investment Management at Real IS AG.
BGV VIII Europa has a target volume of €1 bn and is aimed at institutional investors. It invests in core and core plus properties in Germany, France, Spain, Ireland and the Benelux countries.
Law firm Loyens & Loeff advised on legal and tax during the transaction, and the design & consultancy firm Arcadis provided technical advice. JLL acted as agent.