Codic sells top-quality office property in Brussels periphery (BE)

Codic Belgium has just concluded the sale of Les Collines de Wavre – Phase V, located in the southern periphery of Brussels. The office property consists of three buildings totaling 11,516 m² GLA and was bought by Tribeca Capital Partners for the account of a private investor.

Les Collines de Wavre - Phase V

Les Collines de Wavre – Phase V was delivered in 2010.

Heilporn & Kadaner as well as Cushman & Wakefield assisted Codic in this deal.

Les Collines de Wavre – Phase V was delivered in 2010; the three buildings comprise a total of 10,384 m² of office space, 804 m² of multi-functional space, 328m² of archives, 52 indoor and 289 outdoor parking spaces.

This top-quality office park is also characterized by outdoor artwork by the well-known artists Anatoly Stolnikoff.

Representing some 20% of the take-up over the last two years of the Wavre market which covers the eastern part of the Southern Periphery, this phase was particularly successful with three quarters of the office space being already let to companies of reference, such as the headquarters of Abbott, Banque Degroof, Securex, PM Group, Petercam and VRintelligence.

For Christophe Jacobs, General Manager Codic Belgium: "The province of Brabant Wallon is Brussels' second peripheral office market (after Zaventem), with an office supply of over 350,000 m².

"It is also one of its most performing markets taking into account its low vacancy rate of +/-5% in Wavre compared to 11% in Brussels and 21% in the periphery. This success is due to the fact that projects are developed in successive phases which keep pace with the demands of the market as well as attractive rental conditions."

Philip Walravens, Managing Director of Tribeca Capital Partners comments: "With a consistent strategy we keep on investing in well located offices and retail with private investors. Thanks to our experience in the Brabant-Walloon region, which is within our portfolio the strongest and most active office market, we feel confident towards the future in this area.

"On top of our track record we are convinced by the outstanding building quality and the blue chip profile of the tenants of Collines de Wavre. As the cost of bank financing is relatively low, contra-cyclical investments as this offer very stable and solid returns for the investors."

Linklaters assisted Tribeca and its investors in this transaction.

Maxime Xantippe, Partner at Cushman & Wakefield, comments: "As in many parts of Europe, the investment market in the Brussels periphery is struggling today. There were few transactions in the southern periphery of Brussels over the last years. The sale of Phase V of the Collines de Wavre office park, marks an important step: it proves that a counter-cyclical approach is possible with high quality assets beating the local benchmarks. Once again, this transaction illustrates the strength of private capital on the Belgian investment market."

Source: Cushman & Wakefield

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