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Savills IM acquires Brussels office asset for €173m
Transactions - JANUARY 8, 2021

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Savills IM acquires Brussels office asset for €173m

by Andrea Zander

Savills Investment Management has acquired an office building in Brussels for €173 million ($212 million) on behalf of a foreign investor. The asset was acquired from AXA and its current tenant as part of a sale-leaseback transaction.

Situated on the fringe of Brussels North and the central business district, near the Petite Ceinture (inner ring), the building enjoys a prime location within close walking distance of a mainline train station. Built in the 1990s, the complex covers 36,000 square meters (387,500 square feet) and was renovated between 2017 and 2018. It is fully leased to a leading financial institution under a 12-year agreement.

The Brussels office market is a destination for European institutions and governmental organizations, making it desirable to institutional investors searching for long leases and stable income. The asset is located within an appealing office submarket due to its strong transport links, featuring various high-rise Belgian and mult

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