KGAL Investment Management has acquired two mixed-use buildings – "Stephanie Plaza" and "Stephanie Square" (known locally as "The Princesses" or “The Stephanie’s”) – in a prime location in Brussels, Belgium. Both buildings form the entrance to "Avenue Louise", one of the most exclusive and sought-after office districts in the city. The purchase price was not disclosed.
Andre Zucker, Managing Director and Head of Real Estate of KGAL Investment Management, said: “Brussels is one of the richest regions in Europe. In the last ten years, the population of the metropolis has grown by more than 7% and this positive trend is set to continue in the years to come. The location has all the attributes to meet the increasing demand from tenants for quality that cannot be replicated in other locations across the city. The high-quality of the overall scheme will enable us to unlock further potential through active asset management.”
The building ensemble of "The Stephanie’s" is centrally located at a renowned address in the central business district of Brussels. The well-known Hotel Steigenberger Wiltcher's is in the immediate vicinity.
In addition to the exclusive location’s qualities, the ensemble of "The Stephanie’s" creates a striking appearance on Place Stephanie (Stefaniaplein). The two mixed-use buildings were constructed in neo-art deco style in 1983 (Stephanie Plaza) and 1988 (Stephanie Square) and each have ten floors above ground and three floors below ground. Retail space is located on the ground floor, with office space occupying the floors above. Both buildings have a BREEAM certificate with the rating "Very Good" with regard to asset performance. A total of around 28,000m²of rental space and 280 underground parking spaces are available.
“Our array of international mandates highlight KGAL's European real estate expertise. With this latest acquisition in Belgium, we are now represented in ten European countries as a result of numerous transactions,” commented Christian Schulte Eistrup, Head of International Business Development at KGAL Investment Management.
