JER Partners and Catalyst Capital have agreed to acquire eight mixed-use properties in Brussels for E (£61.3m)
The largest asset in the portfolio, which was sold by Swedish quoted property company Kungsleden AB, is the 592,020 sq ft (55,000 sq m) Manhattan Centre – a 1970s office tower with retail on the ground floor.
The transaction is expected to close in January 2007 and senior debt has been provided by Barclays Capital.
Fabrice de Clermont-Tonnerre, partner at Catalyst Capital, commented: ‘This is the first acquisition with JER on the continent and reinforces Catalyst Capital’s key strategy of purchasing existing assets where there are significant opportunities to add value through renovation and repositioning.’
Malcolm Le May, president of Europe at JER said: ‘Having already undertaken two successful acquisitions with Catalyst Capital we believe that by working together we can help this portfolio to achieve its full potential.’
JER and Catalyst Capital were advised by Beele & Co. The vendor was advised by Catella.