AXA IM - Real Assets, acting on behalf of one of its clients, has agreed to acquire a long leasehold right on the Passport office building for €131m. The property was acquired from CODIC.
Passport is a brand new BREEAM “Very Good” multi-tenanted office building that was delivered in March 2018 and is located alongside both the main passenger terminal and runway at Brussels Airport. Comprising c. 28.375 m² of GLA over two interconnected wings and including 361 parking spaces, Passport is 100% let to four high quality international global businesses, with an average lease term to break of over 15 years.
The building is one of only two offices that afford unobstructed views over the airport runway and its location directly adjacent to the airport terminal allows tenants to benefit from the wide range of retail, dining and other amenities on offer, as well as an on-site high-end hotel.
The airport is just 12 kilometres or 10 minutes by train from Brussels city centre and is served by numerous bus lines, as well as by trains which also connect directly to a number of Belgium’s second cities. With a location next to Brussels’ outer ring road, the property also benefits from private access routes and direct access to the main motorways that connect with Ghent, Antwerp, Liège, Louvain and Namur. From 2020, a new 20-kilometre tram line will also connect the North-West of Brussels to the airport.
Nicolas Renders, Head of Asset Management Belux at AXA IM - Real Assets, commented: “We believe that Passport’s location within the Brussels Airport complex, its high-quality specifications and blue-chip tenant base provide us with an opportunity to generate long-term sustainable returns for our client. Furthermore, the property is also well positioned to benefit from the continued expansion of the wider complex as part of the airport’s long-term development plan. This acquisition of this high-quality office asset also further highlights our capabilities in sourcing and acquiring attractive core opportunities on behalf of our clients.”
