AXA Real Estate Investment Managers, the leading real estate portfolio and asset manager in Europe, announces that it has completed the acquisition of office buildings in Brussels, Belgium, through a sale and lease back operation, for a total consideration of €34.8 million. The acquisition was made on behalf of AXA Belgium.
The fully-let property comprises 22,750 m² of office space in total and is situated within the decentralised area of Brussels. It is strategically located to benefit from various local amenities and public transport links such as the train, bus, tram and metro, as well as being in close proximity to Brussels Airport.
AXA Real Estate, recognised as one of the market leaders in asset, property and fund management within the Benelux region with €4 billion of assets under management, currently has a team of 45 highly skilled real estate professionals on the ground, working throughout the region to deploy capital and source investment opportunities on behalf of clients.
AXA Real Estate, on behalf of its clients, undertook €750 million of acquisitions in Belgium during 2014, and a further €100 million in Luxembourg. AXA Real Estate targets investments in offices, retail, logistics, residential and hotels within the Benelux region.
Guy Van Wymersch, Head of Benelux at AXA Real Estate, commented: “Completing this acquisition once again demonstrates AXA Real Estate’s ability to leverage its local teams experience and ability to navigate the unique characteristics of Belgian real estate, such as low yields and rental indexation, in order to successfully invest in this market on behalf of our clients.”
“This inherent market knowledge is vital to operating in the Benelux region and has been a major contributing factor in allowing us to invest over €850 million of capital into prime assets during 2014 in this market. During 2015, we expect to continue investing in Belgium on behalf of our clients.”
Source: AXA Real Estate