Knight Frank Successfully Closes First Long-Term Income Transaction in Brussels Periphery Since Inflation Rate Spike

Deal Overview

Knight Frank Belgium has advised Monument Immo Management, alongside its asset manager Azure Real Estate Partners, on the disposal of an office complex at Ikaros Park in Diegem, within the Brussels airport submarket.

Acquired by SmartUnit via a share deal, the property at 99 Ikaroslaan comprises approximately 8,046 sq m of office space across two buildings and sits on a land plot of close to 3 ha.

The asset is fully let to Arval, part of the BNP Paribas Group and a mobility solutions provider, under a newly agreed long-term lease put in place by Azure Real Estate Partners.

The transaction highlights investor appetite for secure, long-term income underpinned by strong covenants and prime land positioning, even in non-core office locations.

The Challenge

The transaction took place in a market where investor appetite for office assets has become increasingly selective, particularly outside established CBD locations.

In this context, assets in peripheral areas are no longer assessed on location alone. Capital is focusing on income visibility, tenant quality and underlying land value.

Positioning the Ikaros Park asset therefore required a clear articulation of these fundamentals. The long-term lease to Arval, the strength of the covenant and the scale of the land plot were central in framing the opportunity and aligning investor interest with the seller’s objectives.

Value Delivered

Led by Ulrik Mertens, Knight Frank Belgium worked closely with asset manager Azure Real Estate Partners to position the asset around its core investment fundamentals.

Drawing on a detailed understanding of investor requirements and strong relationships across the buyer universe, the team engaged the right counterparties and generated targeted interest. Particular emphasis was placed on the combination of long-term income, tenant quality and land positioning, allowing the asset to stand out in a selective market.

This approach ensured the transaction was framed not simply as a peripheral office deal, but as a secured income opportunity in a strategic airport submarket.

Client Impact

Through this transaction, Monument Immo Management successfully executed its disposal strategy, crystallising value on a stabilised asset with long-term income in place.

For SmartUnit, the acquisition represents a conviction investment, combining a strong tenant covenant, durable cashflow and a prime land position in close proximity to Brussels Airport.

The deal illustrates how assets with the right fundamentals continue to attract capital, even as investors adopt a more disciplined and selective approach.

The Knight Frank view

Ulrik Mertens, Partner at Knight Frank Belgium:

"In today’s market, investors are not stepping back from income, they are simply becoming more selective in where they deploy capital.

What made this transaction stand out is the combination of long-term income secured by a very strong tenant and a prime land position next to Brussels Airport. Opportunities offering that level of visibility and quality remain relatively scarce, particularly outside the traditional core.

This deal shows that when those fundamentals are in place, there is still strong appetite for well-located assets, even in peripheral markets."