aik acquires another office building in Brussels (BE)

aik (APO Immobilien-Kapitalanlagegesellschaft mbH), the property investment company for occupational pension funds and insurance companies, has acquired an office building at the Avenue de Tervueren in Brussels from companies formerly managed by IVG Real Estate Belgium on behalf of one its occupational real estate pension funds.

Avenue de Tervueren

The asset is located at the Avenue de Tervueren.

The total investment cost amounts to approx. €21 million. CBRE acted as an adviser to the buyer. IVG Real Estate Belgium was represented by Anixton, an independent consulting company offering corporate real estate solutions, and by Clifford Chance LLP for the legal aspects of the transaction.

Modern ensemble of two buildings in good Brussels location
The ensemble of two separate office buildings is located at the Avenue de Tervueren. The buildings are connected via an underground car park. The modern front building comprises 6,817 m² of offices and 179 m² of storage space; the rear building has a total net floor area of 2,548 m². Both buildings were built in 1986 and refurbished substantially in 2002-2003.

The asset is located at the Avenue de Tervueren, a wide tree-lined alley, which connects the representative residential areas in the south-east of Brussels with the centre of European institutions and the Schuman square. Right opposite 'Tervueren Plaza' is the Palais Stocklet, a UNESCO world heritage site since 2009.

The ensemble is fully occupied by two tenants. The front building is let to Callatay & Wouters, a software developer for banking industry. Medicis, a traditional medical centre, occupies the space in the rear building.

Stable location and good tenants
"The good location with a direct connection to the EU quarter, together with an attractive building structure and two tenants of good credit-rating makes the investment an attractive addition for our investors," explains Dr. Stephan Hinsche, Spokesman of the aik management board.

aik plans on further investments in Brussels.

Source: aik

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