A fund managed by CBRE Global Investors has acquired Aartselaar Business Estate in Antwerp, Belgium in an off-market deal.
The vendor was Standard Life Investments European Property Growth Fund.
The 36,288 sq m multi-let industrial and business estate is located within the semi industrial axis, just south of the city centre of Antwerp and its port and along the A12 motorway. The property comprises of two buildings, offering flexible warehouse and office accommodation to 14 tenants including Federal Mogul, ACS, BPOST and Cofely.
Richard Everett, fund manager, CBRE Global Investors, says: “This is an institutional quality asset in a prime location and meets the investment criteria of the fund. The investment volume of the asset is ideal from an institutional investors’ point of view and is a rare investment opportunity.”
Ian Kelley, senior portfolio manager, CBRE Global Investors, says: “This is our second off-market deal that we have secured this year. We went to great lengths to get an in-depth knowledge of the Antwerp-Brussels ‘semi industrial axis’ sub-market to identify this asset and believe it will perform well for the fund.”
Linklaters and EY acted for CBRE Global Investors. Clifford Chance and CBRE acted for Standard Life Investments.