AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, announces that it has completed the acquisition of all the shares of the SPV Ligne Invest SA which holds a core office building in Brussels, Belgium, from Ligne Holdco Lux and Ligne Brussels Lux. The acquisition was made on behalf of the Caesar Fund, a regulated fund for Italian institutional investors, launched by AXA Real Estate Investment Managers SGR, an Italian regulated subsidiary of AXA Real Estate.
The multi-let asset comprises approximately 3,700 m² of office space over seven floors and is currently 92% let to seven high quality tenants on long leases. Built in 2007 and situated in a prime location on “Rue de Ligne 13” in Brussels’ central business district, the asset is in close proximity to both the airport and public transportation links, such as the bus, tram and metro. “Brussels Centrale”, the principal domestic train station within Belgium, is also within walking distance, providing extensive international and domestic connectivity.
The Fund has now invested €326 million and the acquisition is both its first in Belgium and is consistent with its strategy to acquire well-let, core office buildings located on the periphery of central business districts in main European cities.
Giorgio Pieralli, Fund Manager of the Caesar Fund, commented: “This transaction exemplifies the type of high quality, core asset we look to acquire on behalf of the Caesar Fund. As we continue to diversify our investors’ holdings outside of Italy, we remain focused on acquiring assets which will provide long term, secure income streams for our clients.”
Guy Van Wymersch, Head of Benelux at AXA Real Estate, added “Investor appetite for Brussels office space has seen a marked increase in recent years and demand for core assets and long-term leases is strong. We expect this to continue underpinned by solid fundamentals.”
Source: AXA Real Estate