Union Investment acquires the “Newcort” building
For its institutional fund DEFO-Immobilienfonds 1 Union Investment has acquired a real estate company in Brussels holding the « NewCort » office building located Avenue de Cortenbergh 172 in the Leopold district (Brussels CBD).
The vendor was a private investor represented by Tribeca Capital Partners. Union Investment was advised by CBRE and Baker & McKenzie.
NewCort is a core eight-storey (GF+7) office property delivered in 2008 and which consists of 6,222 m² of offices, 226 m² of archives and 35 parking units entirely let to eight tenants with excellent covenants.
NewCort is located in the European District (Leopold) at short distance from the Schuman roundabout and most of the European Institutions.
The purchase price of the property was not disclosed.