Cording acquires two office properties in Brussels for Benelux Commercial Real Estate Fund03 July 2018
Cording Real Estate Group, the Northern European real estate investment and asset management firm, has acquired two office properties in Brussels for its Benelux Commercial Real Estate Fund.
The first, "LOI 82", an eight-storey building situated at Rue de la Loi 82, provides around 5,300 sq m of office space, which is fully let to international tenants. The strategic location of "LOI 82", in the heart of the Leopold district and situated close to the Berlaymont building and several EU-related institutions, was one of the main factors behind Cording's decision to invest here. The property was sold by investment managers EuroCapital Property Investors.
The second building is situated at Avenue Louise 140, one of the most prestigious streets in Brussels. Its lettable area of ca. 4,500 sq m is also fully occupied by international tenants. There are numerous shops, bars and restaurants nearby. The property is directly connected to the public transport network.
René de Heus, Head of Investment Benelux at Cording Real Estate Group, said: "We are pleased with our first two acquisitions in Brussels. They match our strategy of acquiring office properties in the best locations in the Benelux countries. Both the economic conditions in Brussels and the capital of Europe are very attractive. We anticipate that the positive local market conditions, such as a low vacancy rate and limited supply of space, will further boost rental growth and lead to increasing rental incomes. The purchase of these two properties once again demonstrates how successfully our acquisition team can act in an intensely competitive market environment. As a new entrant to the Brussels investment market, Cording has once again emphasised the level of security it can provide during transactions."
Legal advice was provided to Cording by Urban Law. The tax consultants were ThB Avocat, Colliers advised on property matters.
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office and retail property in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. The fund has a gross target volume of €400 million that includes €250 million of equity. The total gross asset value (GAV) of the fund is currently around €200 million. The total portfolio consists of eleven properties spread over core locations in Amsterdam, Utrecht, Rotterdam, The Hague and Brussels.