Patron Capital buys Brussels office building

Patron Capital buys Brussels office building
The Aramis Building

A joint venture between pan-European real estate investor Patron Capital and Suprema has acquired the Aramis Building, located in the corporate village in Brussels’ Airport District.

The 11-storey office building, which was completed in 2009, comprises 18,787 sq m (202,000 sq ft) of office space, 376 parking spaces, an impressive reception area with concierge, shared meeting room facilities and an on-site café and restaurant.

The purchase price was not disclosed.”Funding for the acquisition came from Patron Capital’s recently closed Fund VI,” said the company in a statement.

“The Aramis building offers an excellent opportunity for us to enter the Belgian market, alongside our partner Suprema, with whom we have already worked on successful projects in Germany. The Airport District has seen continuous rental growth since 2012 and has consistently outperformed take-up activity in most CBD sub-markets. It also has strong long-term prospects thanks to new transport infrastructure, a growing trend of occupiers moving to non-city-centre locations, and limited availability of Grade A space. With the building only a third occupied, we see significant potential to attract new tenants by upgrading the space, improving the levels of service and amenity, and through active asset management,” said Christoph Ignaczak, Investment Director and Senior Partner at Patron Capital.

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The building is 32% let to tenants including job site Indeed, medical technology firm Avanos, ICT services provider Cheops Technology, medical technology firm Ortho Clinical Diagnostics, and flexible workspace provider Interoffices.

“With growing demand for space in the Airport District, we are excited to complete this deal with Patron Capital that will see us working together to improve and reposition this asset, bringing approximately 13,000 sq m (140,000 sq ft) of currently vacant high-quality office space to the market. Our focus will be on creating an environment that provides the flexibility, service and amenities modern occupiers want in a post-Covid world,” said Daniel Cukierman, Managing Partner of Suprema.