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Arts 44 changes hands

Image: Aximas
Image: Aximas

There has been a significant sale in the Leopold District of Brussels. The building located at Avenue Des Arts 44 – and which had been acquired in September 2015 by Schroder Real Estate Investment Management – has now been sold on to Phicap acting on behalf of a European-based private equity fund. Schroder was acting on behalf of ILMA, a joint venture managed by Schroders and funded by Ilmarinen Mutual Pension Insurance Company and a French insurance and pension group.

Arts 44, corner building centrally located on the corner of the inner ring road of Brussels and the Rue Belliard, is an 8 storey building comprising some 5,990m² of office and retail space and 45 parking spaces, and is 94% let. It benefits from metro stations on either side (Trône and Arts-Loi), while Luxembourg railway station is just a few minutes walk.

Thomas Guyot, Head of Investment France at Schroders said: “We are pleased to complete this important step for ILMA and its shareholders. Part of the proceeds from the disposal will be reinvested in strategic capital expenditures to enhance and reposition other assets of our philosophy of active asset management.”
Tim Harrup
04-12-2018


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