Schroder Real Estate Investment Management has completed the sale of Arts 44, an office building in Brussels, Belgium. The disposition was made on behalf of ILMA, a joint venture managed by Schroders and funded by Ilmarinen Mutual Pension Insurance Company and a French insurance and pension group. The purchase price was not disclosed.
Arts 44 - which was acquired opportunistically in September 2015 by Schroders - is a corner building centrally located in the Leopold District near the inner ring road of Brussels and the ‘Parc Royal’. The 8 storey building comprises approximately 5,990m² of office and retail space and 45 parking spaces. The asset, which is 94% let, has been sold to Phicap, acting on behalf of a European-based private equity fund. The disposal is in line with ILMA’s investment strategy to focus on large, high-quality office properties to be held in the long term.
Thomas Guyot, Head of Investment France at Schroders said: “We are pleased to complete this important step for ILMA and its shareholders. Part of the proceeds from the disposal will be reinvested in strategic capital expenditures to enhance and reposition other assets of ILMA's portfolio with a view to create long-term value. This is in line with ILMA's strategy and our philosophy of active asset management.”
