Belgium, 30 April 2014 – A fund managed by CBRE Global Investors, the leading global investment management firm, has acquired Aartselaar Business Estate in Antwerp, Belgium, in an off-market deal. The vendor was Standard Life Investments European Property Growth Fund LLP.
The 36,288 square meter 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, A.C.S, BPOST and Cofely.
Richard Everett, CBRE Global Investors Fund Manager, said: “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, CBRE Global Investors Senior Portfolio Manager, commented: “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.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.1 billion in assets under management* as of December 31, 2013. 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:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.