https://arab.news/ykm9q
Investcorp, a global provider and manager of alternative investment products, has announced that its European real estate business has entered the Belgium market through the acquisition of The Bridge, a single-let office and research and development (R&D) asset located in Brussels. Investcorp has acquired 100 percent of the property from a wholly owned subsidiary of The Coca-Cola Company for 88 million euros ($98 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 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 convenient access to major European cities, including Paris and London via train. Built in 2001, the property comprises 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, consisting 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 euros and the acquisition of a grade A office property in Rotterdam, the Netherlands, for 50 million euros.
Yasser Bajsair, managing director at Investcorp for the Saudi Arabia market, said: “With growing and active real estate markets, we believe that now is an ideal time to expand our real estate platform in the Benelux region. We are excited to enter the Belgian market with a high-quality property and tenant in Coca-Cola.
Looking ahead, we will continue to focus on targeting properties that we believe are positioned to generate strong cash-flows while offering additional upside potential.”