CBRE closes sale of Airport Plaza in Brussels region (BE)

CB Richard Ellis advised SPE III Holdings S.A.R.L., a Luxembourg investment fund of CB Richard Ellis Investors, in the acquisition of the project Airport Plaza from Robelco, a well-known Belgian developer. The Airport Plaza business park will be ideally located along the Brussels ringroad, in the immediate vicinity of the airport.

According to Maxime Xantippe, Managing Partner at CB Richard Ellis, the transaction perfectly suits the investors' strategy in securing a large office portfolio of key buildings on prime locations in Brussels and its Periphery. In doing so, the new investor is prepared to handle the commercial risk in terms of end-user occupation.

Airport Plaza is a business park that will comprise 7 state-of-the-art office buildings. The project will be constructed in 2 phases. The first phase will consist of 5 buildings, A/B/C/D/E, for a total of 35,667 m² and 721 parking places. The second phase comprises circa 20,170 m² of office space and 480 parking places. Building permits for phase 1 have been obtained and construction works will start at the end of 2008.

"In an investment market plagued by financial and economic constraints, this transaction proves the dynamic nature of some players. Controlling a project while it gains maturity in the next few years, should allow the investor to be ready when the market improves," according to Maxime Xantippe.

The Airport Plaza enjoys exceptional visibility, as it is is located along the main access road towards the Brussels National Airport, where the Brussels ring road and the Autoroute Bruxelles-Zaventem intersect. The project offers a fantastic work environment with the presence of a service center on the site (restaurant, fitness, etc.) and a hotel and supermarket at walking distance.

The Airport micromarket has been one of the most successful business locations in Brussels since it was developed in the 90s. The micromarket, concentrated around the entrance of the National Airport, totals 345.000 m

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