Knight Frank assists buyer in first Antwerp core office transaction in recent years

Knight Frank Belgium has advised Triple B, a Dutch family office, on the acquisition of PULSE B, a landmark office building within the wider Pulse mixed-use development in Antwerp.

The asset comprises over 9,000 sq m of offices and is fully let to VDAB under an 18-year fixed lease, providing exceptional long-term income visibility.

The transaction is particularly noteworthy as it marks the Dutch family office's first investment in Belgium. Acquired from Ghelamco, the asset combines long-duration income, strong sustainability credentials and a prime position within one of Antwerp's most ambitious urban redevelopment schemes.

The Challenge

For Triple B, the challenge was not simply identifying an attractive asset, but selecting the right entry point into the Belgian market.

Triple B was seeking an opportunity capable of delivering long-term income security while offering confidence in the market and the property's fundamentals, sustainability credentials and future relevance. At the same time, ensuring the asset was acquired at the right price and on terms consistent with prevailing market conditions was equally important. Indeed, opportunities bringing together all these characteristics in a single investment opportunity remain relatively scarce.

PULSE B stood out as a compelling first acquisition. Fully let to VDAB on an 18-year fixed lease in an outstanding accessible and central location, targeting BREEAM Excellent, WELL Gold and DGNB Gold certification, and forming part of one of Antwerp's most prominent mixed-use redevelopment projects, the asset offered both immediate income visibility and long-term investment conviction.

Value Delivered to Triple B

Led by Ulrik Mertens, Partner Capital Markets at Knight Frank Belgium, the team advised the purchaser throughout the acquisition process.

Drawing on its in-depth knowledge of the Belgian investment market, Knight Frank supported the client in assessing the opportunity, navigating a first acquisition in Belgium and evaluating the asset's long-term investment fundamentals.

Particular attention was given to underwriting the quality of the income profile, the strength of the tenant covenant, the sustainability strategy underpinning the development and the property's position within the Antwerp office market.

Client Impact

For the Triple B, the acquisition establishes a first foothold in Belgium through a core office investment offering secure long-term cash flow, strong sustainability credentials and a high-quality tenant.

Beyond the building itself, and its exceptional accessibility within the centre of Antwerp, the asset benefits from its integration within the wider Pulse development, a landmark mixed-use project combining offices, residential units, retail space, art studios and an inner garden. This contributes to the long-term resilience and attractiveness of the investment.

Ulrik's Perspective

"This acquisition demonstrates that Belgium continues to attract international capital when the underlying fundamentals are compelling.

What attracted Triple B was the combination of long-term income security, a high-quality tenant, strong sustainability ambitions and a prominent position within one of Antwerp's most recognisable mixed-use developments.

For investors entering the Belgian market for the first time, opportunities offering that level of visibility and quality are relatively rare. Transactions like this show that prime office assets with strong fundamentals remain firmly on investors' radar."