Cushman & Wakefield advises on acquisition of Arts 53 by Asian investor

30 Mar, 2012, Brussels

IVG Institutional Funds GmbH has confirmed the sale of the Avenue des Arts 53 building located in the Leopold District to a Korean family office, NXMH. The sale represents one of the first institutional office deals in Brussels for 2012 for a price of approximately 16mio. Cushman & Wakefield acted for IVG Institutional Funds as agent whilst Clifford Chance advised on legal and tax elements.
The property offers a total area of 5,596 sq.m. and is let on short-term leases to various tenants including the Embassy of Finland, Deutsche Telekom and the American Chamber of Commerce. It comprises twelve floors of which three are underground and 104 parking places. Located only minutes walk from the prime shopping area of the Louise and situated on the well-known Avenue des Arts strip in the EU-Leopold Quarter, the deal marks an important step for the Brussels office investment market.
The purchase is the first for Korean investor NXMH in Brussels. Its parent company NXC is the holding of the J. Kim family, founder of the Nexon company who is one the worlds? most famous and successful developers of online games. NXMH was founded specifically for the purpose of investing in the European market and has its seat in Brussels. The main focus of the fund is to invest in lifestyle
brands and clean tech companies, but with the purchase of Arts 53, NXMH wants to highlight its presence in Belgium and Brussels.

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