PRUPIM has entered into a leasehold agreement for the building in Woluwé Atrium in Brussels' Souverain-Woluwé sub-market for a net price of around 39 mln., reflecting a yield of approximately 5.7%. The property was acquired from Fortis on behalf of the M&G European Property Fund.
The building comprises 13,000 m² over five stories and is virtually fully leased. It was substantially refurbished between 2000 and 2002 and provides good quality, flexible and efficient office space with a good parking ratio.
David Jackson, Fund Manager comments: "This represents a very good opportunity to acquire a high quality, well leased building in an established office location in Brussels."
"This acquisition gives the M&G European Property Fund exposure to an additional key office market, complementing its existing presence in the Netherlands, France, Germany and Sweden."
The Souverain-Woluwé sub-market has excellent road and public transport connections, and Woluwé Atrium is well positioned, close to one of Brussels' most successful shopping centers, the Woluwe Shopping Centre.
Cushman & Wakefield Investors acted for PRUPIM and will asset manage the investment in partnership with PRUPIM. Cushman & Wakefield Capital Markets Brussels advised the purchaser.