Investcorp acquires Coca-Cola Belgium HQ for $98 million
BAHRAIN: Investcorp, a leading global provider and manager of alternative investment products, announced that its European Real Estate business has entered the Belgium market through the acquisition of The Bridge (the property), a single let office and Research & Development (R&D) asset located in Brussels. Investcorp has acquired 100 per cent of the property from a whollyowned subsidiary of The CocaCola Company for €88 million ($98 million) through a sale and 10-year leaseback transaction.
The property serves as The Coca-Cola Company’s Belgian headquarters, housing its marketing and R&D functions. Upon completion, the property will be 100 per cent occupied by Coca-Cola and several of its existing sub-tenants. The acquisition represents Investcorp’s first sale and leaseback real estate transaction in Europe.
Located in southwest Brussels, The Bridge offers convenient access to major European cities, including Paris and London via train. Build in 2001, the property is comprised of three interconnected buildings which provide 35,300 square metres of office and R&D space. The local area is also set to benefit from the Belgian Government’s new “Canal Plan,” which is the largest urban development plan in the Brussels region, comprised of a new mixed neighbourhood of commercial and residential properties.
Tarek Al Mahjoub, Managing Director at Investcorp for the Dubai and Oman markets commented, “This acquisition is consistent with our defined investment criteria by targeting a highly occupied property in a strategic market. We are excited to enter the Belgian market through this acquisition as we continue to expand our European real estate platform in the Benelux region, which we believe is poised to benefit from solid economic and underlying property fundamentals.”