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Investcorp’s European real estate business, has acquired 100 percent of the Coca-Cola Company’s Belgian headquarters.
The Bridge, housing Coca-Cola’s marketing and research and development (R&D) functions was acquired from a wholly owned subsidiary of the American multinational corporation for €88 million ($98.3 million) through a sale and 10-year leaseback transaction.
The acquisition represents the Bahrain-based alternative investment manager’s first sale and leaseback real estate transaction in Europe. The property will be 100 percent occupied by Coca-Cola and several of its existing sub-tenants, Investcorp said in a statement.
The Bridge is located in southwest Brussels and offers access to Paris, London and other major European cities via train. The property is comprised of three interconnected buildings which provide 35,300 square meters of office and R&D space.
“This acquisition is consistent with our defined investment criteria by targeting a highly occupied property in a strategic market,” Tarek AlMahjoub, Managing Director at Investcorp for the Dubai and Oman markets said.
“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,” AlMahjoub said.
The acquisition follows the purchase of a multi-let office complex in Munich, Germany, for €73 million by Investcorp and the acquisition of an office property in Rotterdam, the Netherlands for €50 million.
(Writing by Gerard Aoun; editing by Seban Scaria)
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