CBRE Investment Management Acquires 94-unit-Serviced Apartment building In Antwerp, Belgium
May 18, 2022
CBRE Investment Management, on behalf of a separate account mandate, has acquired a 6,214 sqm serviced apartment building in Antwerp, Belgium, from Silex Group.
The asset, operated by YAYS Aparthotels, comprises 94 short-stay and furnished apartments, spread across eight floors, on Frankrijklei, the main boulevard in Antwerp. In addition to the 94 apartments, the asset also encompasses 12 parking spaces.
Located on Frankrijklei, in the centre of Antwerp, the asset is in close proximity to Antwerp Central Train Station and the city’s historical center, as well as Meir, Antwerp’s main shopping destination. The asset will benefit from the ongoing regeneration of the area, anchored by the restructuring of Operaplein, which has seen all vehicular traffic hidden underground beneath the square. A new metro station, Opera, has recently opened approximately 200m from the asset, as well as a new underground car park.
David De Wolf, Asset Manager at CBRE Investment Management, said: “The hotel and residential market in Belgium has historically been hard for institutional investors to access, as these assets are typically held in individual co-ownership structures. This transaction was therefore a rare opportunity to acquire a centrally located aparthotel, with excellent transport links and access to tourist hotspots in Antwerp, which is the second most visited city in Belgium, after Brussels.”
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.8 billion in assets under management* as of March 31, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
A leading serviced apartment operator in Europe, YAYS Group manages 16 properties in Amsterdam, The Hague, Paris, and Antwerp. The Group’s award-winning, lifestyle brand platform includes YAYS (fully serviced aparthotels) and by YAYS (self-serviced apartments).
Every YAYS apartment is stylish, spacious, fully equipped, and perfectly located. A turn-key living space ready for comfortable short to long stays for leisure and business guests alike, and a base for urban exploration made easier by the YAYS Insiders. With outstanding local knowledge and a talent for sharing it, the YAYS Insiders are local experts ready to help every guest explore off the beaten track and unlock the treasures hidden in the local neighbourhood.
A YAYS serviced apartment is a home away from home that sets you on the inside track to local living.
See also yays.com.