Ardstone is delighted to announce the successful sale of 209a Ave Louise, a prime multi-let office asset in Brussels. Ardstone took over the asset in early 2008, when its occupancy level was low. Three new new tenants were added and then it was sold to a private Middle Eastern buyer.
The building was fully renovated in 2006 and provides approximately 3,125 sq.m of office and retail accommodation with typical sized floor-plates of 444 sq.m. Since its involvement Ardstone Capital successfully let accommodation to tenants including Moore Stephens, Cream Consulting, and IBF.
Head of Investments for Ardstone, Donal O’Neill said: “After we altered the risk profile of the asset from “value-add” to “core” Ardstone received a very fair offer from a well funded private investor. We felt that sufficient value had been created by the lettings and we decided to take the opportunity to sell the asset. Ardstone Capital represented themselves in the transaction.