Belgium: Blackrock International Land’s first property investment in Continental Europe

Blackrock Land Continental Limited (a subsidiary of Blackrock) has acquired 90% of a company owning a substantial warehouse and office portfolio in Brussels, Belgium. The other 10% will be held by EuroCapital Property Group, a locally based property investment company.

The properties are located in the Zaventem South business and semi-industrial zone, on the E40 Brussels to Germany motorway, close to Brussels airport. The integrated buildings consists of 23,000 sq.m built up of which 15,600 m sq (168,000 sq ft) are warehouse distribution facilities and 7,400 m sq (80,000 sq ft) are offices.

The properties will be jointly managed by Blackrock Land and EuroCapital Property to maximize the rental income and enhance capital value. The total outlay on the transaction, including costs, is approximately €19.5m. Generating annual income in excess of €1.7 million (inclusive of the rental guarantee), the portfolio will provide a net initial yield of more than 8.7%.