Belliard 65 changes hands

OFFICES
Tim Harrup

The attraction of the European district of Brussels for investors and occupants has once again been demonstrated by a new transaction. Munich-based Real I.S. has announced that it has acquired the office building located at the corner of rue Belliard and rue Arlon and known as ‘BAR 65’ for the Realinvest Europa fund, an open-ended retail real estate investment fund.

The building originally constructed in the 1980’s underwent in 2016 a total renovation by former owners AXA REIM with the architects Archi 2000. It benefits from BREEAM In-Use ‘Excellent’ certification. Along with the total offices leasable area of 6,356 m², BAR 65 (for its locationow offers 61 underground parking spaces. The asset is fully let for an average of 5 years fixed to qualitative tenants such as the Permanent Representation of Belgium to the EU. Its attraction to foreign investors clearly results from being located in the European district of Brussels and its accessibility by public transport (metro, bus and two railway stations nearby – Schuman and Luxembourg). The European Parliament, other buildings of the European institutions and a great variety of cafés and restaurants are, of course, within walking distance.

Axel Schulz, Global Head of Investment Management at Real I.S. AG comments on his company’s acquisition: “We are very pleased about the acquisition. The building is located in one of Brussels most attractive office property markets and benefits from an excellent position and stable rental situation. The Belgian capital is one of Europe’s most stable office property markets, which is not least due to the fact that many public bodies are located in Brussels”.

Real I.S. was advised by Cushman & Wakefield and JLL Capital markets team for the acquisition process. Law firm Allen & Overy acted as legal advisor. Drees & Sommer was responsible for technical consulting.