Catella Real Estate AG KAG has bought, for its real estate fund Sarasin Sustainable Properties-European Cities, the Princess Center building project situated Rue Fossé aux Loups 13-21 and Rue des Princes 8-10 in Brussels from developer Kairos.
The total leasable area of approximately 5,300 m² is already fully pre-let to prime tenants for the non-residential part.
This transaction concerns an important re-development project in the heart of Brussels on Place de la Monnaie and just opposite its landmark Monnaie opera house. This urban project is a mixed-use scheme of retail, offices and residential.
The total leasable area of approximately 5,300 m² is already fully pre-let to prime tenants (H&M, Randstad) for the non-residential part.
This re-development is expected to be delivered end 2013.
Cushman & Wakefield acted as the sole agent and identified the fund of Catella acting for a Swiss bank to complete this transaction.
Maxime Xantippe, Partner and Head of Capital Markets Cushman & Wakefield Belgium, comments: "This is a flagship development on an absolute top location with an excellent mix of retail, offices and apartments space.
"Urban mixed developments like these with quality architecture and high sustainability standards- BREEAM 'Very Good' in this case- are being looked at by a broad range of investors. It is nice to see that an international investor appreciates the profound change this area is undergoing.
"This transaction fits perfectly for the Sarasin fund that invests in metropolitan cities of European 'Safe Haven'- countries. It proves that Belgian property is back in this category, and rightfully so."
Source: Cushman & Wakefield