Belgium 18 July 2019 – CBRE Global Investors (advisor) and the international acquisition platform of the Cicerone Fund (Cicerone RE Holding BV), managed by Fabrica SGR, have acquired the Mondrian building, a landmark office in Brussels. The asset has been acquired from Union Investment for €131.5 million.
The 20,600 sqm fully let office is located in the Leopold district, a prime sought-after location for offices in Brussels. The Mondrian is designed as two separate, seven-floor buildings connected by a glass atrium, allowing natural light in. The large floorplates are 3,000 sqm with one central core, offering flexibility and multiple layout possibilities.
The entire building is let to the European Commission and functions as its Joint Research Centre and directorate-general of Research and Innovation.
The Leopold district is serviced by a varied transport network including bus, metro and train line within walking distance of the asset.
“This is a fantastic asset to add to our client’s portfolio. With the combination of a modern and contemporary design it stands out in the Brussels office market” commented Piet van Poppel, Country Manager of Belgium, CBRE Global Investors. “It is located in a district that has attractive market fundamentals with exceptionally low vacancy rates for Grade A buildings. In addition to this it offers our client safe and stable long-term returns with a tenant who still has 13 years left of their tenancy” he added.
Matteo Greco, Cicerone RE Holding BV’s Director said “The strategy of Cicerone RE Holding BV remains focused on assets with very strong fundamentals in terms of location, iconic feature, real estate quality and tenancy of primary standing. In this sense, the Mondrian, awarded in the “Business Centers” category MIPIM Awards and with the EU as a tenant, encompasses all these features and we believe that it fully satisfies the long-term needs of our Cicerone Fund stakeholders.”
This is the sixth investment for the international investment platform of the fund outside of Italy.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $107.2 billion in assets under management* as of March 31, 2019. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
About the Cicerone Fund
Cicerone Fund is the real estate pan-European fund dedicated to Cassa Forense, the Italian first pillar private pension fund for lawyers and could reach EUR1 billion of investments, both by contribution and equity subscription. The asset portfolio is now made up of 40 properties, with a main focus on office and residential sectors for ca. EUR 1.092 billion of total AUM.