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New investor for Leopold District

As the real estate industry prepares for the next ‘season’, a major transaction has just been revealed. M&G Real Estate has acquired a prime office building on the Rue Guimard in the Leopold district of Brussels. The price has been announced at € 41.5m, which represents a net yield of 4.8%. This 9,913 m² building is 100% let to one of the world’s largest oil and gas companies. The low yield reflects continuing appetite for well located and well let buildings in the heart of the Brussels CBD.

The acquisition was made on behalf of the global real estate fund manager’s core European property strategy, managed by David Jackson and Simon Ellis, Deputy Fund Manager, who comments: “The location of this building in the heart of the Brussels Leopold District was very attractive from an investment point of view, given the low vacancy and relatively tight supply of quality office space in this part of the city over recent years. We believe that these local market fundamentals will fuel rental growth, driving long term income returns on behalf of our investors”.

David Jackson, Fund manager, M&G Real Estate, adds: “This latest acquisition stood out as a compelling investment opportunity in line with our core strategy to acquire office buildings in the city centres of major European hubs. As Europe’s capital city, Brussels offers attractive macro fundamentals with a dynamic economy made up of both a strong Government component and buoyant private sector, which remains the largest driver. Transparent and mature European markets like Brussels, where strong fundamentals and economic stability prevail, will continue to be our focus”.

(Image: Bureau Pirnay)
(Image: Bureau Pirnay)

| 17/08/2017

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