CBRE Global Investors and the international acquisition platform of the Cicerone Fund, managed by Fabrica SGR, have acquired the Mondrian building, a landmark office in Brussels. The asset has been acquired from Union Investment for €131.5m.
The 20,600m² fully let office is located in the Leopold district, a prime sought-after location for offices in Brussels. The Mondrian is designed as two separate, seven-floor buildings connected by a glass atrium, allowing natural light in. The entire building is let to the European Commission and functions as its Joint Research Centre and directorate-general of Research and Innovation. The Leopold district is serviced by a varied transport network including bus, metro and train line within walking distance of the asset.
“This is a fantastic asset to add to our client’s portfolio. With the combination of modern and contemporary design it stands out in the Brussels office market,” commented Piet van Poppel, Country Manager of Belgium, CBRE Global Investors. “It is located in a district that has attractive market fundamentals with exceptionally low vacancy rates for Grade A buildings. In addition to this, it offers our client safe and stable long-term returns with a tenant who still has 13 years left of their tenancy.”
Matteo Greco, Cicerone RE Holding BV’s Director said: “The strategy of Cicerone RE Holding BV remains focused on assets with very strong fundamentals in terms of location, iconic feature, real estate quality and tenancy of primary standing. In this sense, the Mondrian, awarded in the "Business Centers" category MIPIM Awards and with the EU as a tenant, encompasses all these features and we believe that it fully satisfies the long-term needs of our Cicerone Fund stakeholders.”