Bahrain’s alternative investment firm Investcorp has revealed that its European real estate business has entered the Belgium market through the $98m acquisition of The Bridge, a single-let office and Research & Development (R&D) asset located in Brussels.
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The property serves as The Coca-Cola Company’s Belgian headquarters, housing its marketing and R&D functions.
The acquisition represents Investcorp’s first sale and leaseback real estate transaction in Europe, according to the state-run Bahrain News Agency.
The purchase of The Bridge follows Investcorp’s $81m acquisition of a multi-let office complex in Munich, Germany, and the $55.6m acquisition of a grade-A office property in Rotterdam, The Netherlands.
Commenting on the acquisition in Belgium, the head of Investcorp’s Gulf Institutional Clients Group, Yusef Al Yusef, said:
“Our latest acquisition is in line with our recent focus on expanding our real estate portfolio across the Benelux [Belgium, Netherlands, and Luxembourg] region, which we believe is poised to benefit from solid economic and underlying property fundamentals.”
“The Benelux region has a growing and active real estate market 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 $834m in assets under management (AUM).”
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