QUEST Funds has sold an office building in the Rue Montoyer 34 in Brussels to Belgian real estate company Alides. The nine-storey property was built in 1993 and encompasses 12,582m² of office space which is leased to the European Commission until September 2021. Alides is planning to refurbish the property after the tenant has vacated the building. A restaurant and 216m² of retail space are located on the ground floor. The underground car park offers 276 spaces. The purchase price was not disclosed. The fund was created in 2011 with a conservative investment strategy.
“Following the move-out of the European Commission, extensive investments need to be made in order to raise value in the property. During the sales process, we were able to leverage that potential and realise a pricing level from which the fund now profits without taking on any development risks,” said Roland Holschuh, Managing Partner at QUEST Funds.
Brussels’ European District is ideally linked to public transport via the subway stations Trone and Arts/Loi. A number of bus lines stop right next to the office building which is located only a few minutes walk from the Bruxelles-Luxembourg station. Its position close to the R20 Small Ring Road around the inner city also makes it easily accessible by car.