Ares Management Funds To Buy Pegasus Business Park In Brussels From SEGRO

(RTTNews) - Ares Management, L.P. (ARES) announced that real estate funds it manages have inked a definitive deal to acquire Pegasus Business Park from SEGRO Plc, a large, listed UK REIT, for 83.4 million euros.

Situated near the Brussels International Airport and 8 kilometres from the city centre, Pegasus Business Park was developed initially by SEGRO between 1999 and 2003 and today comprises 9 office buildings and an underground car park extending over 83,384 square meters. Also, the transaction includes 11 plots of undeveloped land adjacent to existing buildings and covering over 65,000 square meters. Currently, Pegasus Business Park has 27 tenants, including blue chip tenants Cisco, Regus, Black & Decker and Johnson Control; with an average occupancy rate of around 80%.

"Pegasus Business Park is a compelling investment due to its established location in a prominent European capital and the number of quality multi-national tenants it has already attracted," said John Ruane, Partner at Ares Management.