Belgian real estate investor and developer Nextensa has sold Treesquare, a fully let sustainable office building located in the heart of the European district of Brussels.
German asset manager KGAL Investment Management purchased the property for the net price of €43.7 million by way of an asset deal.
Treesquare will become part of the pan-European KGAL Core 4 Real Estate fund.
Treesquare offers a first-class office experience at De Meeûs Square in Brussels’ European district, the best office location in Belgium.
Treesquare consists of approximately 6,500 m² of floor space distributed over 12 floors and offers 32 parking spaces. The office building is fully leased to twelve AAA-tenants such as Deutsche Börse, Netflix and Norton Rose.
When the building came into the hands of Nextensa (then Leasinvest Real Estate) in 2004, it was fully leased to a diplomatic representationto the European Union and an international company.
Between 2016 and 2018, it was demolished and rebuilt as a AAA building meeting the highest quality standards in terms of sustainability and technology. The renovated Treesquare, designed by Assar Architects, is equipped with solar panels, a double skin facade with integrated solar shading, smart climate ceilings and a green roof. All elements that contribute to the sustainability profile of the building, which was awarded a “BREEAM Excellent” certificate in 2018.
André Zücker, Managing Director of KGAL Investment Management : “The property fits perfectly into the investment strategy of our KGAL Core 4 Real Estate fund, which combines core, core-plus and value-add properties in prime locations in major European cities. Letting the ESG-compliant office building to a wide range of solvent tenants from different sectors results in an optimally diversified cash flow.”
Michel Van Geyte, CEO of Nextensa: “The sale of Treesquare is for Nextensa the reference of creating value. Nextensa bought this building in 2004 and transformed the asset into a brand-new sustainable building. We are very proud of this development and the sale of the building fits perfectly in the optimalisation of the LTV strategy.”
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