Cording Real Estate Group, acting on behalf of its Benelux Commercial Real Estate Fund, has acquired two office properties in Brussels, Belgium. The purchase price has not been disclosed.
The first, LOI 82, an eight-storey building situated at Rue de la Loi 82, provides around 5,300m² of office space and is fully let to international tenants. The strategic location of Loi 82, in the centre of the Leopold district - close to the Berlaymont building and several EU-related institutions, was one of the main factors behind Cording's decision to invest in the property. The building was sold by EuroCapital Property Investors.
The second building is situated at Avenue Louise 140, one of the most prestigious streets in Brussels. Its compromises 4,500m² of lettable space and is also fully occupied by international tenants. The asset benefits from strong public transport links and close proximity to the retail area.
Rene de Heus, Head of Investment Benelux at Cording Real Estate Group, said: "We are pleased with our first two acquisitions in Brussels. They match our strategy of acquiring office properties in the best locations in the Benelux countries. Both the economic conditions in Brussels and the capital of Europe are very attractive. We anticipate that the positive local market conditions, such as a low vacancy rate and a limited supply of space, will further boost rental growth and lead to increasing rental incomes. The purchase of these two properties once again demonstrates how successfully our acquisition team can act in an intensely competitive market environment. As a new entrant to the Brussels investment market, Cording has once again emphasised the level of security it can provide during transactions."
Legal advice was provided to Cording by Urban Law. The tax consultants were ThB Avocat, Colliers advised on property matters.
