Bayerische Grundvermgen, a subsidiary of German fund Bayernfonds, has made its debut in Belgium for its new pan-European investment fund.
It has paid €23m (BFr151m) for the majority interest in Belgian company Peach.
Peach’s principal asset is an office investment in Brussels. The property Colonel Bourg Square, 135-139 Rue Colonel Bourg, is located alongside the E40 motorway between central Brussels and Bruxelles-National airport. The price reflects a net yield of more than 7%.
It provides 10,300m2 of offices and 181 car parking spaces. It was recently let to Mobistar, the Belgian telecommunications company.
Bayerische’s fund is active in France, Hungary, Italy, Portugal and Spain as well as Belgium.
LaSalle Investment Management is the investment manager to Bayernfonds, who was advised by Jones Lang LaSalle in the acquisition.
