PATRIZIA France has acquired a 3,700 m² office building of high environmental qualities (certified BREEAM in use “very good”) in the Léopold district, Brussels´ central business quarter. The building currently accommodates prestigious tenants such as Fly Emirates, Allianz and a Beobank agency. The seller is Banimmo. The purchase price will not be disclosed.
PATRIZIA has been following the Belgian market closely for a long time. Bruno Cohen, who together with Silvio Estienne is managing director of PATRIZIA France, says: “Belgium is a mature market, with longer leasing periods compared to France and with business tenants of high quality both from the public and private sectors. Notably a high number of international corporations have set up their European headquarters in Brussels.”
Nevertheless, it would be misleading to think that this market is easier to enter than the Parisian market or the rest of France: “This market is very competitive. Therefore, knowing the key players is a requirement”, Silvio Estienne adds.
The seller Banimmo is a specialist for heavy renovations and building constructions responding to the best technical criteria and provided with BREEAM or analogue certification. The asset was completely rebuilt and renovated by Banimmo, then leased again. Both parties worked together with a partnership spirit throughout the whole off-market transaction process, from early discussions to closing. Cohen: “Mutual agreements between both parties led to a successful outcome and a willingness to continue working together on future deals.”
The Paris-based branch of PATRIZIA is responsible for the French and Belgium market. “We are very satisfied that we were able to secure this acquisition in Brussels. This has proved that our strategy – locally as international is well perceived. Therefore, we are looking forward to all upcoming transactions.”