Real IS strikes double office deal in Brussels

Real IS, the property arm of German lender BayernLB, has acquired a brace of assets in Brussels from AXA Investment Managers - Real Assets (AXA IMRA).

Financial details were not disclosed.

The properties include a 9,200 m2 office in Rue des Quatre Bras, and a 9,100 m2 mixed use property on Place Jean Jacobs. The assets were acquired for the open-ended special 'BGV VIII Europa' fund from AXA Belgium.

'The office market in Brussels is characterised by rising prime rents and low vacancy rates. The central locations of both properties within the city and the connection to the public transportation make them good investments,' said Axel Schulz, global head of investment management at Real IS.

The first property, which was built in 2010, comprises more than 8,200 m2 of office space on nine upper storeys and four floors below ground, as well as 1,000 m2 of archiving space. It also currently has 80 parking spaces. The property is let long term to a public sector tenant.

The second building is situated at Place Jean Jacobs 10 and was erected in 2008. Along with 8,000 m2 of office space, it includes another 200 m2 of archive and 900 m2 of residential space. The property has ten storeys above ground and three below and offers 55 parking spaces. The office and archive space, along with the majority of parking spaces, are also let long term to a public sector tenant.

'Many European authorities, national representatives and NGOs which have settled there ensure sustained and steady demand for contemporary office space,' Schulz added. 'With the office space let long term to public sector tenants, we have been able to make two sustainable investments for BGV VIII Europa.'

Clifford Chance and TAE Europe acted as consultants to Real IS. The seller was advised by CBRE and Loyens & Loeff.

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