Irish investor sells Belgian real estate portfolio (BE)

CBRE advised Irish Bank Resolution Corporation Assurance Company Limited in the sale of its Belgian real estate portfolio managed by Tribeca Capital Partners.
IBRC AC Ltd is a subsidiary of Irish Bank Resolution Corporation Ltd (in Special Liquidation), specializes in pensions and investment products. The portfolio was made up of three properties acquired in 2006 from the financial services company Crédit Suisse. These properties are all located in Belgian prime locations.
The Meir 23 (Antwerp) is a mixed use property totaling 1.119 m² prime retail and 3.010 m² office space. The Meir is one of the very best retail locations in Belgium.
The “Centre Etoile” is located on the Boulevard Bischoffsheim (Brussels’ inner ring road) and offers about 15.707 m² office space. The Louise 165 property is also located in Brussels. This 6.152 m² office property accommodates a retail surface on the ground floor. Both Brussels’ properties offer a unique opportunity to secure two highly visible and accessible projects in the heart of the European capital. Residential and office projects can be envisaged.
The simultaneous negotiations with two different buyers has been a true challenge. Moreover the ongoing liquidation of IBRC AC Ltd provided very strict sales conditions (pricing and guarantees).
The total divestment value exceeds 59 million euros. The Meir 23 was acquired by GH Group for an investment value in of about 35 million euros. This reflects a blended yield of 3.60% corresponding to a yield below 3.00% for the retail units and slightly above 6.00% for the offices.
Ghelamco Invest has acquired both Brussels’ properties for an investment value in excess of 24 mln euros. Based on the current areas, the pricing correspond to circa 1.500 euros/m² and circa 1.000 euros/m² respectively for Louise 165 and Centre Etoile, parking and archives included.
CBRE is convinced that the buyers will benefit from further market improvements in these segments while the vendor has realized a fully satisfactory exit. The transactions were led by Arnaud de Froidmont (Tribeca Capital Partners) and Michaël Niego (CBRE).
Source: CBRE