Real estate asset manager AEW has bought an office building in the central business district of Brussels where low vacancy is driving rents up.
The property in the Place du Trône – the same district where the European Parliament and Commission are located – was acquired from Munich-headquartered GLL Real Estate Partners.
It comprises around 7,000 sqm of office space over eight floors with just over half of it let out to two tenants.
Carsten Czarnetzki, a fund manager at AEW, said: “There is high demand for office space in this area of Brussels, which combined with low vacancy is driving rental growth.”
As of the end of September this year, AEW had €70.2 billion of assets under management, just under half of which were real estate assets in Europe.
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