Union Bancaire Privée (UBP) has acquired two properties totalling 70,000 m2 in Belgium via a share deal on behalf of its European governmental real estate strategy.
The two buildings, rented by Belgium’s ministry of foreign affairs, are located in the centre of Brussels. Financial details were kept confidential.
This is UBP’s second such transaction following the forward funding purchase of a 30,000 m2 complex in Saint-Denis in December 2021 and contributes to the expansion of the Bank’s governmental real estate investment offering.
‘Governmental real estate offers many advantages for institutional investors seeking long-term, defensive investments. It combines clear visibility with competitive returns and is in especially high demand during economic slowdowns,’ said Pierre Escande, head of Real Estate at UBP.
The aim is to acquire some ten properties in the five countries which the European Government Properties strategy covers – France, Belgium, the Netherlands, Luxembourg and Germany – with targeted transactions amounting to between €20 mln and €80 mln.
UBP’s Private Markets Group (PMG) team has assets totalling €4.1 bn under management and comprises 31 people based in Europe, the Middle East and Asia.