Quest sells fund property in Brussels’ European District

The investment and asset manager disposes of an office building in the Belgian capital, which is leased to the European Commission until September 2021. The asset in the Rue Montoyer 34 is sold to Alides. The company is planning to to refurbish the property after the tenant has vacated the building.

The Belgian real estate company has acquired the property companies Montoyer 34 Leasehold and Montoyer 34 Freehold from the Hesse Newman Real Estate Nr. 8 fund which is managed by Quest Funds. The nine-storey property was built in 1993 and encompasses 12,582 m² of office space. A restaurant and 216 m² of retail space are located on the ground floor. The underground car park offers 276 spaces. The purchase price was not disclosed.

The property will be refurbishes after the European Commission has vacated the building. © Studio de Nooyer

The fund was created in 2011 with a conservative investment strategy. “Following the move-out of the European Commission, extensive investments need to be made in order to raise value in the property. During the sales process, we were able to leverage that potential and realise a pricing level from which the fund now profits without taking on any development risks,” says Roland Holschuh, Managing Partner at QUEST Funds. The vast majority of private investors in the fund agreed on the sale.

Brussels’ European District is ideally linked to public transport via the subway stations Trône and Arts/Loi. A number of bus lines stop right next to the office building which is located only a few minuntes’ walk from the Bruxelles-Luxembourg station. Its position close to the R20 Small Ring Road around the inner city also makes it easily accessible by car.