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Catella invests in Brussels again

Image: citydev.brussels
Image: citydev.brussels

Investment manager Catella Real Estate AG has announced that it has acquired an office building at Rue Belliard 100 and a residential building at Rue Pascale 9- 13 in Brussels, for its Sarasin Sustainable Properties – European Cities fund.

The office property consists of a 5,240 m² office building leased to European External Action Service (EEAS), the European Union's diplomatic service, which supports the EU’s foreign affairs chief – the High Representative for Foreign Affairs and Security Policy – and executes the EU’s Common Foreign and Security Policy. The adjacent residential building comprises12 apartments. Both buildings are located in the Leopold District, a three-minute walk from the European Parliament. The office premises were renovated in 2018-2019.

Nicolas Hartel, Head of International Transactions at Catella Real Estate AG, said: “The Brussels rental market is stable and continues to grow. Acquiring a recently renovated mixed-use property in an excellent location is a great way to further diversify the Fund’s portfolio and spread risks.”

The Sarasin Sustainable Properties – European Cities fund is a product of Catella Real Estate AG in cooperation with Bank J. Safra Sarasin AG. The fund, which invests at least 75% of its capital in commercial property, focussing on office and retail, aims specifically to meet the needs of institutional investors in Switzerland, Austria and Germany. Each building must also meet the sustainability standards of Bank Sarasin.
Catella Real Estate AG was advised by Cushman & Wakefield, Clifford Chance, and Deloitte. The acquisition was managed by Catella Investment Management Benelux, an affiliate of Catella Real Estate based in Maastricht.

Catella Real Estate AG is now Munich-based, but many will remember it as a Swedish company making a spectacular entry onto the Brussels property market around a quarter of a century ago, when it occupied offices in the Blue Tower on the Avenue Louise. It went on to take over a total newcomer to the letting market which itself rose, in just a few short years, to overtake the established players for a while as Brussels’ leading letting agency. This was Codemer (Richard Boomer and Paul Delesenne), and the two companies became Catella Codemer.
Tim Harrup
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