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LONDON-The Belgian property fund Cofinimmo has paid €210 million ($205 million) for five major office buildings in Brussels owned and occupied by Dexia Bank Belgium. The sale & leaseback on a total of 700,000 sf of office space reflects a net initial yield of about 6.9%.

The buildings are located at avenue Livingstone 6 (270,000 sf); rue de la Banque 7 (236,000 sf); rue du Meiboom 16 (37,500 sf); boulevard Pacheco 34 (75,000 sf) and rue du Moulin à Papier 55 (37,500 sf). Cofinimmo plans a new share issue to raise about half of the cost of the acquisition.

Cushman & Wakefield Healey & Baker represented Dexia. Office Investment Partner Christian Karkan said: “Belgium has witnessed a trend towards an increasing number of sale & leasebacks over the past few years as firms wake up to the advantages of concentrating on their core activities. Through a sale & leaseback operation, these firms increase liquidity enabling them to invest more money in core areas–whether personnel; research or new technology–which in turn brings them higher returns.”

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