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Trône Square changes hands

There has been a significant transaction in the European district of Brussels. It has just been announced that AEW has acquired Trne Square, an office building in the CBD of Brussels, Belgium from GLL Real Estate Partners. The purchase is made on behalf of AEW Europe Value Investors II and represents the fourth investment for the Fund.

Trne Square comprises c. 7,000m of high-quality office space over eight floors and is 53% let to two tenants. The asset presents a number of asset management opportunities including leasing vacant space and the refurbishment of the building. Starting with the ground floor space, the refurbishment will create a modern reception area and retail units before progressing to the rest of the building and outdoor space.

The Rue du Trne is not often cited when talking of European district office buildings, but the location of Trne Square at the intersection between the Rue du Trne and the Chausse de Wavre, means that it is closer to the European Parliament buildings (just a five minute walk) than the vast majority of other office buildings in the district.

Carsten Czarnetzki, Fund Manager of EVI II at AEW, comments: This acquisition, our first for the Fund in Belgium, is perfectly aligned with the Funds strategy of targeting opportunities in the most liquid European markets which offer the potential for value creation through active asset management. There is high demand for office space in this area of Brussels, which combined with low vacancy is driving rental growth. With this transaction, we have invested over 200m and are on track with our capital deployment programme.
Tim Harrup
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