Investcorp has entered the Belgium market through the acquisition of 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 The Coca-Cola Company for €88m through a sale and 10-year leaseback transaction. The asset serves as Coca-Cola’s Belgian headquarters, 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. The acquisition represents Investcorp’s first sale and leaseback real estate transaction in Europe.
Located in southwest Brussels, The Bridge offers convenient access to major European cities, including Paris and London via train. Built in 2001, the property is comprised of three interconnected buildings which provide 35,300m² of office and R&D space. The local area is also set to benefit from the Belgian Government’s new “Canal Plan,” which is the largest urban development plan in the Brussels region, comprised of a new mixed neighbourhood of commercial and residential properties.
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.”
Source: RLI Media Partner: Europe RE