Cofinimmo has acquired an office building of approximately 8,000 m² located Boulevard de la Woluwe 102 in Brussels, Belgium. The building, which was previously occupied by Hewlett Packard, is located right next to the Woluwe 106-108 building already owned by Cofinimmo. The investment value amounts to 14.4 million. The building is vacant and will be entirely renovated. It is a project of development for own account.
The Woluwe 102 building has 4 floors and 8,085 m². With its 208 interior and exterior parking places, it offers an exceptional parking ratio for the Decentralized area in the East of Brussels (1 parking/39m²). The Woluwe 102 is highly visible and easily accessible from the Ring of Brussels and the E40 highway. There is a bus stop in front of the building. The underground station Roodebeek as well as the Woluwe Shopping Centre are close by.
The Woluwe 102 is vacant and will be entirely redeveloped. Possible requirements from potential clients in this district will be taken into consideration. The project is a development for own account, with risk. The absence of new real estate projects in this Brussels market segment and the possibility to create large office surfaces are major advantages of this project. Cofinimmo will be able to present new office surfaces to new clients and to offer additional flexibility to its existing clients.
Cofinimmo's investment strategy is mainly focused on transactions and partnerships generating long term leases and guaranteed revenues, generating a regular cash flow. Next to this, the company also focuses on acquiring and developing projects with risk, amongst which major renovations for own account of buildings which are not yet let. Those development projects for own account can at no time exceed 10% of the total value of the portfolio and are currently representing 6.6%.
The intermediary for this transaction was Cushman & Wakefield.