Cicerone Fund which is the property vehicle dedicated to the Italian social security pension fund for lawyers, has invested €131.5m in a Brussels office asset.
CBRE Global Investors (GI) and Fabrica SGR, the adviser and asset manager of the Cicerone Fund respectively, have acquired the fully-let 20,600 square metre Mondrian building from Union Investment. CBRE GI said that the office building was bought for Cicerone Fund’s international acquisition platform Cicerone RE Holding. The office is to the European Commission.
Piet van Poppel, country manager of Belgium, CBRE Global Investors, said: “This is a fantastic asset to add to our client’s portfolio. With the combination of modern and contemporary design, it stands out in the Brussels office market.”
He added, “It is located in a district that has attractive market fundamentals with exceptionally low vacancy rates for Grade A buildings. In addition to this, it offers our client safe and stable long-term returns with a tenant who still has 13 years left of their tenancy.”
Matteo Greco, Cicerone RE Holding’s director, said: “The strategy of Cicerone RE Holding remains focused on assets with very strong fundamentals in terms of location, iconic feature, real estate quality and tenancy of primary standing.”
The latest acquisition is the sixth investment for the international investment platform of the fund outside of Italy.