The Bank believes that the Brussels office market offers anopportunity for investors to diversify their property portfolio ina Euro-dominated market. "The office market in Brussels isunderpinned by the presence of public sector occupiers such as theEU, NATO and the Belgian government and this is reflected in thefact that there has been good rental growth in Brussels in recentyears in contrast to most major European cities. This rental growthis expected to continue as the general occupier market recovers andthe EU expands its office requirements," says Peter Collins,director of Bank of Ireland Private Banking.

He adds, "While a lot of attention is being paid to propertyopportunities in Central Europe, we believe that establishedmarkets like Brussels which are very transparent, have competitiverental levels and high degrees of liquidity, represent betteropportunities for investors looking for good returns in arelatively low-risk environment. This is our third Europeantransaction over the last two years and we expect to see the trendtowards European property by Irish investors continue."

The Brussels market last year saw more than €1.6 billion ($2billion) invested in it dominated by German open-ended funds andBelgian Real Estate Investment Trusts. Despite this there has beenan increase in the involvement of private investors, mainly Irishand Middle Eastern.