DEGI Deutsche Gesellschaft für Immobilienfonds mbH has purchased its first property in Belgium for the open-ended property fund DEGI GLOBAL BUSINESS, which now owns investments in five different countries.
The fully let nine-story office building, offering 21,987 m² GLA, is located at Boulevard d'Avroy 35-39 in the city center of Liège. The seller is the Belgian company Cofinimmo S.A. The open-ended property fund, specifically geared to the needs of institutional investors and affluent private customers, is using debt capital to finance 40% of the total investment volume of €31.3 million. The clients investments were, as provided for in the fund's basic concept, called shortly before the actual purchase in a cash on demand procedure.
Liège's office property market, at approximately 500,000 m², ranks among the major regional locations in Belgium, and is enjoying a stable upturn. The city possesses the world's third-largest inland port, and work is currently in progress to make it into a central junction for the European network of high-speed trains (London, Brussels, Paris, Frankfurt, Lyon).
The building is located in the city center, south of Liège's historic core, with convenient access to main roads and the urban public transport network. The majority of the 19,472 m² office space and the archival area of 1,548 m² has been let to the AXA insurance company, with two municipal firms as the other tenants. The building can be divided up into smaller rental units both horizontally and vertically, and also features a restaurant area plus parking space for 154 cars.