Belgian developer Codic has concluded the sale of the fifth phase of Les Collines de Wavre office scheme located in the southern periphery of Brussels. The asset was bought by Belgian private equity advisory firm Tribeca Capital Partners on behalf of a private investor. Financial details were not disclosed.
Belgian developer Codic has concluded the sale of the fifth phase of Les Collines de Wavre office scheme located in the southern periphery of Brussels. The asset was bought by Belgian private equity advisory firm Tribeca Capital Partners on behalf of a private investor. Financial details were not disclosed.
The property consists of three buildings delivered in 2010 and totaling 11,516 m2. The asset is multi-let to several tenants, housing the headquarters of Abbott, Banque Degroof, Securex, PM Group, Petercam and VRintelligence. The asset is part of the larger 35,000-m2 Collines de Wavre project which Codic has been developing in different phases since 1995.
Heilporn & Kadaner and Cushman & Wakefield advised Codic. Linklaters assisted Tribeca.
'The province of Brabant Wallon is Brussels’ second peripheral office market (after Zaventem), with an office supply of over 350,000 m2,' said Christophe Jacobs, general manager Codic Belgium. 'It is also one of its most performing markets taking into account its low vacancy rate of around 5% in Wavre compared to 11% in Brussels and 21% in the periphery. This success is due to the fact that projects are developed in successive phases which keep pace with the demands of the market as well as attractive rental conditions.'
According to Maxime Xantippe, partner at Cushman & Wakefield, the deal 'proves that a counter-cyclical approach is possible with high-quality assets beating the local benchmarks'. Philip Walravens, managing director of Tribeca Capital Partners added: 'As the cost of bank financing is relatively low, contra-cyclical investments as this offer very stable and solid returns for the investors.'
