AEW announces the acquisition of the shares in Trône Holding, a Belgian company holding ownership rights over Trône Square, an office building in the CBD of Brussels, Belgium from GLL Real Estate Partners who acquired the building in 2010. The acquisition is made on behalf of AEW Europe Value Investors II (“EVI II” or the “Fund”) and represents the fourth investment for the Fund.
Trône Square comprises c. 7,000 sqm of high quality office space over eight floors and is 53% let to two tenants with a WALT of 6.6 years. The asset presents a number of asset management opportunities including leasing vacant space and the refurbishment of the building. Starting with the ground floor space, the refurbishment will create a modern reception area and retail units before progressing to the rest of the building and outdoor space.
Situated in the Leopold district of Brussels, the area is home to the European Commission and European Parliament making it one of the most sought-after office locations in the capital. Positioned on the intersection between Rue du Trône and Chaussée de Wavre, one of the main connecting roads between the city centre and the university cluster in the south east, the asset also has excellent local and international transport links.
Source : Company