16 Mar 2020
Investcorp, a leading global provider and manager of alternative investment products, today announced that its European Real Estate business has entered the Belgium market through the acquisition of The Bridge (the “Property”), 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 €88 million through a sale and 10-year leaseback transaction.
The Property serves as The Coca-Cola Company’s Belgian headquarters, housing its marketing and R&D functions. Upon completion, the property 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 35,300 square meters 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 neighborhood of commercial and residential properties.
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.
Yusef Al Yusef, Head of Gulf Institutional Clients Group at Investcorp, 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 growing and active real estate markets and is currently experiencing high levels of demand for office assets. We are excited to enter the Belgian market and grow our total European real estate platform to approximately €750 million in AUM.”