IVG Institutional Funds GmbH has confirmed the sale of the Avenue des Arts 46 building located in the Leopold District to an Andorran bank, MoraBanc.
The property offers a total area of 11,516 sq.m and is let to various prestigious tenants including Alliance Française de Bruxelles, Delegation du Québec, Motion Pictures Association and CBRE Global Investors.
It concerns a typical asset for the Leopold district: a ten-floor building above ground with 128 parking units. It is located on the well-known Avenue des Arts, only minutes away by feet from the prime shopping area of the Avenue Louise.
“This transaction marks an important step for the Brussels office investment market since it demonstrates a growing appetite for assets with shorter leases” explains Michael Despiegelaere, Associate in the Capital Markets team of Cushman and Wakefield. This is the third transaction that Cushman & Wakefield closed on Avenue des Arts (Arts 41 and Arts 53) with new capital on the Belgian real estate market.
The purchase is the first acquisition for MoraBanc in Belgium. MoraBanc is an Andorran banking group with international vocation that offers commercial and private banking, Wealth Management, Investment Banking, insurance services and investment funds.
Cushman & Wakefield acted for IVG Institutional Funds as co-exclusive agents with Baker & McKenzie advising on legal and tax elements.