Edmond de Rothschild REIM buys office building in Brussels
Edmond de Rothschild REIM has purchased the Empereur Building in Brussels for its Benelux Commercial Real Estate Fund (BCREF) from AIK Immobilien-Investmentgesellschaft mbH. The office property is located at Boulevard de l’Empereur 3-5 in Brussels.
The building has a lettable area of approximately 8.850 sqm and is let to an established law firm and several retail tenants. It is in the Pentagon district, close to the central station and to various amenities. It was agreed by the parties involved in the transaction not to disclose the selling price.
Onno Scheij, Head of Benelux at Edmond de Rothschild REIM, commented: “Following this acquisition, the fund exceeded the EUR 500 million (GAV) for the first time. The strategy behind BCREF has proven to be resilient and this particular asset fits perfectly in the fund due to its prime location, tenancy and long cashflow.”
Robbert Bakhuijsen, Head of Investment at Edmond de Rothschild REIM, commented: “This acquisition represents a strategic expansion of the fund within Brussels. Apart from its long-term cash flows it also offers a strong reversion potential. We will continue to acquire assets on strong locations and will keep sourcing new core and core+ opportunities.”
Edmond de Rothschild REIM was advised by Allen & Overy, JLL and SGS search. AIK was advised by Loyens & Loeff and Cushman & Wakefield.
The open-ended special fund, Benelux Commercial Real Estate Fund, was launched in December 2016 to invest in office properties in the Netherlands, Belgium and Luxembourg. The fund’s focus is on properties with diversified cash flows located in economically strong cities. With this acquisition the fund exceeded the EUR 500 million (GAV) threshold.