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Investcorp buys Coca Cola HQ

The Brusels Ring to the left, the Chaussée de Mons below. 
Image: Artbuild Architects
The Brusels Ring to the left, the Chaussée de Mons below. Image: Artbuild Architects

Investcorp has announced that it has made its first move in Belgium by acquiring The Bridge, a single let office and Research & Development (R&D) asset located in Brussels. Investcorp has acquired 100% of the property from a wholly-owned subsidiary of Coca Cola for €88m through a sale and 10-year leaseback transaction. Coca-Cola’s Belgian headquarters are located in the building, which housing its marketing and R&D functions. Upon completion, the scheme will be 100% occupied by Coca-Cola and several of its existing sub-tenants.

Commenting on the acquisition, Neil Hasson, Managing Director – Head of Investcorp European Real Estate, said: “Our latest acquisition is in line with our recent focus on expanding our real estate portfolio across the Benelux region, which we believe is poised to benefit from solid economic and underlying property fundamentals. The Benelux region has a growing and active real estate markets and is experiencing high levels of demand for office assets. We are excited to enter the Belgian market and expand our Benelux presence at an ideal time and with high-quality property and tenant in Coca-Cola. This acquisition represents our first sale and leaseback transaction on the continent for our European real estate platform, which we continue to grow and now stands at approximately €750m in AUM. We look forward to completing additional sale-leasebacks as its structure naturally aligns with our focus on targeting properties across Europe that we believe are capable of offering stable cash flows and additional upside potential.

35.300 m2 of offices perfectly located
The Bridge is located in Anderlecht close to a metro station and, a familiar site to many Brussels residents, alongside the Ikea superstore. It has an entrance to the Ring outside the front door, and is thus highly accessible from the Belgian and European motorway systems. The metro station also means that the international train services from South Station are quickly accessible. Built in 2001, the property comprises three interconnected buildings which provide 35,300m² of office and R&D space. It is this interconnection which led to its name, as the passageways which provide the internal connections resemble bridges at different levels between the units.

Investcorp is based in New York and has at least eight offices around the globe.
Tim Harrup
19-03-2020
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