Cofinimmo has purchased the office building located at the corner of avenue des Arts/Kunstlaan and rue Belliard/Belliardstraat, in the heart of Brussels’ European district and adjacent to the building located at 47-49 avenue des Arts/Kunstlaan, already in its possession.
The acquired building has 11,516m² of office space, 921m² of archives and 128 underground parking spaces and is 83% occupied by several tenants. The building Arts/Kunst 47-49 has a 6,915m² rental space area and is fully occupied.
The property has been acquired for €31m, including registration fees, an amount corresponding to the investment value determined by the independent real estate expert. Its gross initial rental yield stands at 6.2% and could reach 7.5% when fully occupied.
The building was renovated for the last time in 1998. In the medium term, the joint redevelopment of more than 20,000m² of both buildings Arts/Kunst 46 and 47-49, which would contribute to the renewal of the urban landscape in a heavily frequented area, will be studied.
Jean-Edouard Carbonnelle, CEO: “The acquisition of this asset is an example of our company’s strategy in the office segment. It consists of renovating or redeveloping, if needed, the buildings already in our portfolio but also acquiring medium-sized buildings in the CBD, where our current portfolio is fully occupied. When these types of buildings are partially empty, their price can be attractive in the current market conditions. In the short term, our teams’ mission will consist in leasing the remaining surface areas and improving their overall comfort by appropriate refurbishments.”
