IVG has acquired Estuary Properties N.V. The company is the owner of a prime multi-let asset in the heart of the Brussels CBD, just minutes walk from the European Parliament. The property is multi-let to a variety of tenants, whilst withstanding a 70% occupancy level.
The transaction marks a very important milestone in the Brussels real estate investment market, which had ground to a complete halt during the last 12 months. This deal is ever more important due to its multi-let and slight vacancy profile, a profile which has been out of kilter with most investors recently. The deal also signifies the importance of the German funds who remain the major players investing in real estate in Brussels today.
This operation is an intelligent operation for both parties: a variety of factors including its clear lack of competition in today's market have helped recognize the importance of multi let assets. IVG has taken advantage of this opportunity whilst most other funds only seek long term single tenanted buildings.
Both parties are glad to have been able to close this transaction which will participate in setting comparables that can be used to define the new market area that we have entered in.
International real estate advisor Savills represented IVG, Knight Frank advised the vendors with an exclusive sale instruction.