JER, Catalyst exit Brussels assets

JER Parters and Catalyst Capital have sold two buildings in Brussels, Belgium, for an undisclosed sum to a private Belgian investor.

Broker on the deal Cushman & Wakefield said the first building at Rue de Namur 72-74 included commercial premises on the ground floor, with office space on the other floors leased by various tenants. Part of the building that has considerable potential for development lies vacant, it added. The second building at Rue Thérésienne 6 consists of 12 furnished flats.

JER Partners, the private equity arm of J.E. Robert Companies, and its London-based joint venture partner teamed up to acquire a €90.5 million ($119 million) portfolio of B-grade mixed-use properties in Brussels from Kungsleden AB in December 2006.  The portfolio was acquired for JER's Europe Fund III. The fund closed in June 2007 on €809 million ($1.1 billion).