Euro fund sells luxury Brussels property for S$89m
By Romesh Navaratnarajah: A prime mixed development in the bustling Belgian capital Brussels has been sold for €55 million (S$89.4 million). Eurozone Equity, an actively managed equity fund with the help of Savills sold the property, known as Louise Village to local private investors. It comprises 7,411 sq m of residences, 4,108 sq m of retail space, 648 sq m of archive space and 204 car parking lots.
The residential component offers 58 apartment units which will soon undergo refurbishment.
The site is within the most exclusive part of the city. Prime retailers who have taken up its 18 units include Façonnable, Dille & Kamille, Pull & Bear and Mamy Louise. The property generates an annual income of €2.1 million (S$3.4 million), of which 65 percent comes from its retail space.
Commenting on trends within the country's retail segment, Gregory Martin, Managing Director of Savills Belux, said: "Last year the retail investment volume exceeded that of the office market, with €686 million (S$1.1 billion) invested in the sector, as institutional investors sought to increase their allocation to a sector which has consistently performed well. Since 2008 annual retail sales in Belgium have increased steadily making the retail segment a strong performing market in which to invest." Meanwhile, Eurozone Equity is looking for further opportunities in Europe, particularly in Belgium and the Brussels market.Image: Aerial view of downtown Brussels, the capital of Belgium Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg Related Stories: IKEA to launch budget hotel chain
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