BNP Paribas REIM sells office property in Brussels with sizable profit

Europe

BNP Paribas REIM sells office property in Brussels with sizable profit

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The BNP Paribas Real Estate Investment Management (REIM) team in Germany successfully sold the office property Rue Guimard 1A in Brussels.

The purchaser of the “core” property is a British investment company for a Luxembourg vehicle. The seller was one of BNP Paribas REIM’s managed specialized funds for an institutional investor. The change of ownership will take place within the scope of a share deal. The exact purchase price was agreed upon by both sides in private, however, it lies significantly above the purchase price from 2011.
The representative 9-story office property was completed in 1973 and then completely modernized in 2009. The building thus meets the expectations of demanding tenants in all central aspects. The altogether approximate 10,000 sqm in floor space are rented entirely to the Belgian branch of an Italian energy corporation.
The property is situated at a preferred location at the corner of Avenue des Arts and Rue Guimard in the Leopold district, the most sought-after office location in Brussels. Due to the presence of numerous European institutions such as the European Commission and the European Parliament, the submarket is also designated as a European district.

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BNP Paribas REIM finalized NOVE acquisition in Munich

The Munich-based German team at BNP Paribas Real Estate Investment Management (REIM) finalizedthe acquisition of NOVE by Citterio at Munich’s Arnulfpark, recently completed by property developerHorus Development.