Europa Fund II, managed by Europa Capital, an independent European real estate fund management company, has completed its first transaction in Belgium, comprising the purchase of two office investments from Metropolitan Buildings S.A., managed by Fortis Real Estate, for in excess of €30 million.
The first, located in Avenue de Cortenbergh, comprises a 10 story office of c. 6,000 m² fully let to the Council for Europe. The second is situated on Boulevard de Souverain and comprises an 11 story office of c. 10,500 m², of which approximately 50% is now let.
Europa Fund II will undertake a remodeling programme at Boulevard de Souverain in the autumn prior to re-letting the remaining space at competitive rents.
Commenting on the transaction Christopher Curtis, Principal of Europa Capital, said: "This investment provides Europa Fund II with an income stream which, coupled with the potential to add value through a refurbishment and letting programme, results in the creation of institutional grade product."
Source: Europa Capital