German fund manager iii-investments has acquired an office building in Brussels for about EUR 33 mln on behalf of a special fund. The property was owned by the German-based company Provinzial Holding.

The 12-storey building is located in Quartier Leopold, one of the highly demanded submarkets in the centre of Brussels. It was built in 1973 and was comprehensively renovated in 2009/2010. It has energy-efficient facilities and is long-term leased to a single tenant.

The building is the second property in the portfolio of the special fund which was established in November 2010 for a German pension scheme. The other assets is an office building in the CBD of Paris.

Additional acquisitions in European metropolises are currently being assessed, iii-investments said.

iii-investments is the real estate investment company of the Hypovereinsbank in the Unicredit Group and one of the market leaders in real estate special funds in Germany. At present, the company manages real estate worth a total of around EUR 5 bn across 13 European countries, of which EUR 4.4 bn is held in eight special funds and a Luxembourg SICAV on behalf of institutional investors.