OBBrealinvest, the newly established property investment fund, has completed its first deal in mainland Europe. OBBrealinvest has acquired a 81,893 sq ft (7,608 m²) prime multi-let office premises, Access 40, in Groot-Bijgaarden, Brussels. The six storey freehold building, which boasts 136 car parking spaces, was bought for £7,329,300 million (11 million).
The property is let to six tenants, including Intercosmetic Wella, Lucent Technical Network Systems, RCI and Biscuits Delacre, with 12,712 sq ft (1,181 m²) currently vacant. The building has a rent roll of £607,665.60 (912,000) per annum, which is anticipated to rise to £709,179.74 (1,064,355) on full occupation.
OBBrealinvest launched its 500 million fund in November last year. The company instructed CB Richard Ellis in Birmingham to build a portfolio of commercial properties in the office, retail and logistics sectors. OBBrealinvest is in negotiations to purchase lot sizes of 30 to 60 million, primarily in France, Benelux and Germany.
The purchasing mandate is managed by Simon Reed and Justin Marshall, both directors at CBRE. Mr Reed said: "Access 40 is a prominent office building with first class tenants. What's more, there are a number of opportunities to actively manage the premises to raise the yield from its current 8.4% to circa 10%."
Mr Marshall added: "The OBBrealinvest fund is the largest pan European investment fund ever handled from Birmingham and we and the clients are delighted to have secured the first deal'
The Brussels office of CB Richard Ellis advised vendor Fortress on the sale.
Source: CB Richard Ellis