Ilmarinen adds to investments in Brussels city centre office market

Ilmarinen has invested in a Belgian company that owns an office property in Brussels city centre, a short walk from the Rogier metro station and Brussels’ most famous shopping street, Rue Neuve. The property, called Covent Garden, is leased in its entirety to the European Commission and its agencies through long-term contracts. Ilmarinen has roughly a 50 per cent stake in the investment.

“We were offered an excellent opportunity to carry out the investment together with another strong institutional investor. The investment strengthens Ilmarinen’s position in the Brussels office property market,” says Mikko Antila, the Portfolio Manager in charge of Ilmarinen’s international real estate investments.

The Covent Garden office property was completed in 2008 and is a modern landmark building in Brussels’ city centre with excellent public transport connections. The property is made up of two separate office buildings, one with nine floors and the other with 27. The total lettable area of the building is some 70,000 m².

The investment was structured by Hannover Leasing Investment GmbH, which is also responsible for managing the investment.

Earlier this year, Ilmarinen invested in a company that owns the Bastion Tower office property in the centre of Brussels.