Real estate funds managed by Ares Management are to acquire Pegasus Business Park from SEGRO PLC, a listed UK REIT, for EUR83.4 million.
Located near the Brussels International Airport and eight kilometres from the city centre, Pegasus Business Park was initially developed by SEGRO between 1999 and 2003 and today consists of nine office buildings and an underground car park extending over 83,384 square meters.
The transaction also includes 11 plots of undeveloped land adjacent to existing buildings and encompassing more than 65,000 square metres.
With an average occupancy rate of approximately 80 per cent, Pegasus Business Park currently has 27 tenants, including blue chip tenants Cisco, Regus, Black & Decker and Johnson Control.
“Pegasus Business Park is a compelling investment due to its established location in a prominent European capital and the number of quality multi-national tenants it has already attracted,” says John Ruane, partner at Ares Management. “Ares’ business plan is to enhance the value of the existing buildings by improving amenities and upgrading the landscaping in order to further increase the park’s attractiveness to tenants.”