IVG advised by Savills, the international real estate advisor, has acquired in the Brussels CBD Rue Guimard 7, a fully let, multi-let office building in the heart of the EU district for an undisclosed figure. The building has a total of 4.400 sq m and is located in the vicinity of Square Frere Orban behind Avenue des Arts. It has been maintained to a very high standard since its construction in 1993.

The building is fully-let to a host of prime tenants, including Banque Degroof, one of Belgium’s most established private banks; Aareal Bank, a leading provider of commercial real estate financing in Europe; and Morgan Lewis, international law firm.

The deal is critical in establishing current pricing for multi-let buildings and in particular, establishing the strength of covenants for financial tenants in which most investors have shunned over the last year. The building with 7 tenants is over 50% let to companies in the banking sector.

Gregory Martin of Savills Belux says “The investment of Guimard 7 marks another important deal for the 2009 Brussels investment market which we are proud to announce in these difficult times. It consists in the second multi-let acquisition of the year in which Savills both took part. The tenant mix in Guimard 7, although dominated by financial institutions is yet another evidence that investors are starting to broaden their investment scope again.

Wout Buitink of IVG says “we are very pleased to have secured this transaction given its quality, location and healthy mix of tenants. It perfectly matches the investment strategy of some of our special funds which have been very keen to acquire grade A multi-let assets.”