By Sam Bridge
Investcorp has announced that its European real estate business has entered the Belgium market through the acquisition of The Bridge in Brussels
Bahrain-based Investcorp has announced that its European real estate business has entered the Belgium market through the acquisition of The Bridge in Brussels.
Investcorp said it has acquired 100 percent of the property from a wholly owned subsidiary of The Coca-Cola Company for €88 million ($98.4 million) through a sale and 10-year leaseback transaction.
The property serves as The Coca-Cola’s Belgian headquarters, housing its marketing and R&D functions. Upon completion, the property will be 100 percent 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 35,300 square metres of office and R&D space.
The purchase of The Bridge follows Investcorp’s recent acquisitions of a multi-let office complex in Munich, Germany, for €73 million and the acquisition of a grade A office property in Rotterdam, the Netherlands, €50 million.
Tarek AlMahjoub, managing director at Investcorp for the Dubai and Oman markets said: “This acquisition is consistent with our defined investment criteria by targeting a highly occupied property in a strategic market. We are excited to enter the Belgian market through this acquisition as we continue to expand our European real estate platform in the Benelux region, which we believe is poised to benefit from solid economic and underlying property fundamentals.”