Tristan Fund Acquires Belgium Office Portfolio
Source: Tristan Capital Partners Press Release
18 March 2022, London: Tristan Capital Partners’ EPISO 5 Fund has strengthened its position in the Belgium office market with the acquisition of an office portfolio in Brussels consisting of five office buildings. The portfolio has been bought from Deka Immobiliën Investment GmBH.
The assets deliver c. 20,000 sq m of workspace located in the city’s most prominent prime office area along the Pentagon at the crossroads of the European District and the City Centre. The portfolio is currently leased to a diverse tenant base including lawyers, embassies, and other institutions.
Through Tristan’s ‘Manage to ESG’ strategy the assets will be renovated to drive the environmental profile of the portfolio upgrading the space to Grade A with a target to reach BREEAM ‘Excellent’ and ‘Very Good’ ratings.
The investment has been made in partnership with Whitewood, which will act as the operating partner and asset manager.
Kick van del Wel, Executive Director at Tristan Capital Partners, said: “This portfolio offers a well-located group of office assets set in a prime location which continues to see strong demand for good product. The execution of a range of asset management initiatives will help to enhance the environmental profile of the assets whilst also strengthening the income profile.”
Tobias Schwagten, Chief Investment Officer at Whitewood, added: “Upgrading the assets towards better certification, will ultimately impact the all-in cost for the tenant and provides stability for the long term. Environmental and social awareness with built in flexibility within business plans to cover the future and changing needs of the market at any time will become even more crucial.”
The assets sit across three plots of land with two of the plots interconnected through an internal courtyard with the opportunity to enhance amenity provision for tenants. Ideally located close to public transport networks the portfolio is just a 2-minute walk to the closest Metro station and 15 minutes’ walk to Brussels Central train station.
Tristan Capital Partners were advised by C&W, Loyens&Loeff, PWC, CES and Alias. CBRE and A&O advised DEKA.