CB Richard Ellis Investors (CBREI) has announced the sale of Renaissance, a 12,560-m2 real estate ensemble located at 135 Boulevard Emile Jacqmain Brussels to SwissLife France for an undisclosed amount. The property was bought from CB Richard Ellis Strategic Partners Europe Fund III, a pan-European investment fund managed by CBRE Investors.

This transaction, signed on January 31 2011, follows a sale process initiated by CBRE and JLL in the second half of 2010, which saw strong interest from investors both in Belgium and internationally. Renaissance is situated in the centre of Brussels, near the Quartier Nord. It includes 10,242 m2 of office space, a 1,830 m2 residential building divided into 16 apartments and 488 m2 of retail space on the ground level.

Renaissance is the former headquarters of La Libre Belgique and was acquired by CBRE Investors from the developer Kairos in August 2007. In line with its investment strategy, CBRE Investors modified the initial project which carries the sustainability certifcate HQE (Haute Qualité Environnementale).

The office space is currently occupied for 85% by the Institut des Réviseurs d’entreprises et l’Institut des Experts-comptables et des Conseils fiscaux and by the VGC (Vlaamse Gemeenschapcommissie). Both tenants have signed respectively a 12-year firm lease and a 21-year binding usufruct.

Renaud Mirici, Directeur Général of SwissLife Immobilier, said: 'SwissLife France holds a real estate portfolio estimated at around EUR 1.4 bn. Our traditional markets include Paris, the Paris Region, Lyon and Lille. Today, we see a necessity for wider geographic diversification. Brussels meets our needs. With this operation arranged in Paris by the teams of SwissLife Immobilier, we are showing our will and capability to develop our real estate portfolio internationally, thus taking advantage of a larger number of opportunities and different cycles.'

BNP Paribas Real Estate advised the buyer. CBRE and JLL advised the seller.