Schroders joint venture completes sale of office building in Brussels
Schroder Real Estate Investment Management (Schroders) completed the sale of Arts 44 (Avenue des Arts 44, 1040 Brussels), an office building in Brussels, on the 17 October 2018. The disposition was made on behalf of ILMA, a joint venture managed by Schroders and funded by Ilmarinen Mutual Pension Insurance Company and a French insurance and pension group.
Arts 44 - which was acquired opportunistically in September 2015 by Schroders - is a corner building centrally located in the Leopold District near the inner ring road of Brussels and the ‘Parc Royal’. The 8 storey building comprises approximately 5,990 sqm of office and retail space and 45 parking spaces. The asset, which is 94% let, has been sold to Phicap, acting on behalf of a European-based private equity fund.
The disposal is in line with ILMA’s investment strategy to focus on large, high quality office properties to be held in the long term.
Thomas Guyot, Head of Investment France at Schroders said:
“We are pleased to complete this important step for ILMA and its shareholders. Part of the proceeds from the disposal will be reinvested in strategic capital expenditures to enhance and reposition other assets of ILMA's portfolio with a view to create long term value. This is in line with ILMA's strategy and our philosophy of active asset management.”
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Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has £15.1 billion (€17.0 / US$19.9 billion)* of gross real estate assets under management as at 30 June 2018.
Most of the real estate funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ real estate business visit www.schroders.com/realestate
*Real Estate AUM includes holdings of Schroder Real Estate Capital Partners and Schroders Multi-asset Funds.
Ilmarinen Mutual Pension Insurance Company is Finland’s largest private sector pension insurer. Our task is to ensure that our customers receive the pension they earned from employment. We promote a better working life and thus help our customers succeed. In total, we are responsible for the pension cover of more than 1,1 million people. We have investment assets of more than EUR 46 billion to cover pension liabilities. For more information, please visit: www.ilmarinen.fi