Real I.S. AG has acquired the company owning the fully let “Platinum” office building located on Avenue Louise 231–235 in Brussels for its “BGV VIII Europa” fund from an office fund managed by Munich-based GLL Real Estate Partners. Tribeca AIFM was the local Partner for this acquisition.
The property, which was fully renovated and repositioned in 2010, covers a rental area of around 26,600 sq m divided between twelve tenants, including BNP Paribas, Bird&Bird, Louis Vuitton and Silversquare.
“The property meets the investment criteria for our ‘BGV VIII Europa’ fund: The building is located in the prestigious Avenue Louise in the heart of Brussels and is let long term. It fulfils all the requirements placed on a contemporary and attractive office property,” says Axel Schulz, Global Head of Investment Management at Real I.S. AG.
The German special AIF “BGV VIII Europa”, which has a target volume of €1.0 billion, is aimed at institutional investors and invests in core and core plus properties in Germany, France, Spain, Ireland and the Benelux countries. The fund’s focus is placed on office and retail real estate, supplemented by logistics properties and hotels. It recently invested in the “Logchain” logistics portfolio in Rotterdam.
Postbank is the partner for long-term financing of the acquisition. The law firm Loyens & Loeff advised on legal and tax during the transaction, and the design & consultancy firm Arcadis provided technical advice. JLL acted as agent.
“Platinum” is the seventh property the Real I.S. funds manage in Brussels.