Evans Randall buys 'Covent Garden' for EUR 272m

London-based private equity investor Evans Randall has acquired the Covent Garden office development in Brussels for EUR 272 mln in what the company says is the biggest single asset transaction in the city so far this year. The 72,000 m[sup]2[/sup] development comprises two buildings linked by a central atrium. The first reflects an initial yield of 4.95% and contains 14,340 m[sup]2[/sup] of office space. It is pre-let to the European Commission on a 15-year 'usufruct' agreement. This is a construct used in the Belgian real estate market to give freehold-style rights to the occupier for the duration of the agreement. The second reflects an initial yield of 5.5%. It is a 26-storey tower that is nearing completion and will provide 56,000 m[sup]2[/sup] of office space. Both buildings also provide some retail and storage space.

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