Cushman & Wakefield advises on the sale of the Princess Center, a prime development in the heart of Brussels
10 Jul, 2012,
Catella Real Estate AG KAG has bought, for its real estate fund Sarasin Sustainable Properties-European Cities, the Princess Center building project situated Rue Fossé aux Loups 13-21 and Rue des Princes 8-10 in Brussels from developer Kairos. This transaction concerns an important re-development project in the heart of Brussels on Place de la Monnaie and just opposite its landmark Monnaie opera house. This urban project is a mixed-use scheme of retail, offices and residential.
This re-development is expected to be delivered end 2013.
Cushman & Wakefield acted as the sole agent and identified the fund of Catella acting for a Swiss bank to complete this transaction.
Maxime Xantippe, Partner and Head of Capital Markets Cushman & Wakefield Belgium, comments: “This is a flagship development on an absolute top location with an excellent mix of retail, offices and apartments space. Urban mixed developments like these with quality architecture and high sustainability standards- BREEAM ”Very Good’ in this case- are being looked at by a broad range of investors. It is nice to see that an international investor appreciates the profound change this area is undergoing. This transaction fits perfectly for the Sarasin fund that invests in metropolitan cities of European ‘Safe Haven’-countries. It proofs that Belgian property is back in this category, and rightfully so.”
For more information, please contact Maxime Xantippe, Partner and Head of Capital Markets Cushman & Wakefield Belgium: +32 (0)478 47 27 17 or Maxime.Xantippe@eur.cushwake.com
About „Sarasin Sustainable Properties – European Cities“ :
In December 2011, the German special fund "Sarasin Sustainable Properties – European Cities" was issued. The fund invests in sustainable real estate in European metropolitan areas that experience strong growth and offer attractive framework conditions as well as the cultural proximity to the German-speaking region. These metropolitan areas are selected based on their long-term socio-economic attractiveness in addition to considering the market cycle of real estate.
Der gemeinsam von Bank Sarasin und Catella KAG gemanagte Spezialfonds „Sarasin Sustainable Properties – European Cities“ investiert in werthaltige Gebäude in wachstumsstarken Metropolen bzw. Metropolregionen Europas mit attraktiven Rahmenbedingungen. Der Investitionsschwerpunkt liegt in Deutschland und in den Metropolen der nordischen Staaten, dem Safe Haven Europas. Der Fonds verfolgt eine langfristig orientierte Investmentstrategie. Der Schwerpunkt im Portfolio wird auf Büro und Handelsimmobilien gelegt. Jedes Gebäude und dessen Standort wird einer umfassenden Nachhaltigkeitsprüfung unterzogen.
About Cushman & Wakefield:
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and valuation. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.