CBRE Global Investors, on behalf of a Korean institutional separate account client, has acquired the long-term leasehold of Brederode, Brussels for €122.1m. The asset has three interconnecting buildings – Brederode 13, Brederode 9 and Namur 48. The seller was Befimmo, a listed Belgium REIT.
The historical Grade A, multi-tenant office complex comprises 22,307 m² and is split between offices, meeting rooms, retail and archive space. There are also 68 underground parking spaces. There are five occupiers with the main occupier being an international law firm. The average contract length of 13.6 years.
All three buildings underwent significant refurbishment between 2012–2016 and now have modern facilities as well as a BREEAM very good certificate.
Brederode is located in Brussels CBD-submarket, Pentagon City Centre, close to the Belgian Royal Palace and Central Station. The area has a number of financial institutions and is considered to be a place that is good to work, live and to shop.
Piet Van Poppel, Country Manager Belgium, CBRE Global Investors said: “This is a trophy asset that we are very pleased to be able to add to our clients portfolio. The two main occupiers are on long term contracts which offer our client a secure and fully indexed cash flow. We also have the opportunity to increase the income further once we have successfully let the 3,000 m² that is still vacant.”
“Our local team secured this core asset in an off market transaction on behalf of one of our key global separate account clients. It meets their investment requirements by offering them income security and the location will always be attractive to occupiers.” Added John Mulqueen, Head of Transactions EMEA, CBRE Global Investors.