Rockspring Property Investment Managers LLP has acquired an office asset, Cortenbergh 71, in Brussels. The asset was acquired through a liquidation procedure, with the consensus of NAMA.
Cortenbergh 71, which has a striking façade, is located on the corner of Avenue de Cortenbergh, close to the Schuman roundabout and the European Commission’s HQ, the Berlaymont, in Quartier Leopold, the heart of Brussels’ central business district.
The grade-A office asset totals 7,271m² and comprises eight floors with 180m² of storage space, in addition to 76 underground parking spaces. The property underwent a complete refurbishment in 2006 and is currently 46% leased to a variety of tenants with strong covenants.
Jo De Clercq, partner at Rockspring, commented: “By utilising our specialist on the ground team with extensive local market knowledge, we were able to access this opportunistic acquisition. While offering excellent property fundamentals, in terms of being a high quality asset in a good location in an undersupplied market, Cortenbergh 71 has also been undermanaged for some time. Through a combination of active asset management and leasing activity we see an opportunity to create value and secure strong returns for our investor.”
Rockspring were represented by JLL, Law Square, Clifford Chance and the notary Actalys. CBRE acted for the seller.
