Real I.S. AG has re-entered the Belgian investment market after an eight-year absence by purchasing the brand new Ernst & Young headquarters for ca. 35 million in Diegem, Brussels. The new building was sold by UK developer SEGRO and marks an important deal for the Belgian investment market during 2009.
The 18,760-m² office building forms part of the Pegasus Business Park.
The 18,760-m² built-to-suit office building forms part of the key Pegasus Business Park and has direct front-row visibility with Brussels ring-road. Surrounding neighbors include DHL, Bayer and Johnson Controls. It was built-to-suit for Ernst & Young, who moved from its former building in the decentralized District in Brussels. The property is fully-let until 2023 offering the latest building technology and energy efficiency techniques.
Real I.S. AG commented: "We are very delighted about this investment and have taken the chance to further diversify our European portfolio. We are investing in a sustainable and attractive location with positive growth prospects. This property fits in perfectly with our investment focus on commercial properties in prime locations in major European cities."
International real estate advisor Savills advised Real I.S. AG in the transaction and states: "Despite a lackluster market, this deal proves the importance of the German funds during this stagnant trading period and should help kick start the second half of the year. With a clear lack of tradable quality, long-leases, we were successful in sourcing the right product for Real I.S. AG "