Avenue du Port 16,

1000, Brussels

Avenue du Port 16,
1000, Brussels

Sector Office property

Project Scope Acquisition, investment management

Purchase Price €47.26m

SQ FT 112267

Investment Rationale

  • High quality, fully refurbished office asset situated in a strategic Brussels CBD location.
  • Micro location benefitting from positive structural changes driven by Government and private sector investment
  • New long lease to a federal government body at a rent 20% below current market levels, with annual indexation.
  • Presented long secure income profile that is unlikely to become over-rented due to indexation, thus preserving yield

Business Plan Completed

  • Acquired in 2019 off market prior to launch
  • Long term hold, benefitted from strong long dated income from a federal government body
  • Tenant security until 2037 represents predictable income stream
  • Recent full refurbishment minimises capex requirements during extended hold period
  • Low current passing rent presents opportunity for long term rental growth given rental tone of microlocation
  • Structural changes now being delivered greatly enhancing the attractiveness of the micro location

Team Involved

Stephen Kearney

Winston Luk