IBRC Assurance sells Belgian property portfolio for €60 million

IBRC Assurance, the insurance arm of the former Anglo Irish Bank, has sold its portfolio of three properties in Belgium for close to €60 million.

The Belgian unit of the property company CBRE says IBRC Assurance off-loaded a retail outlet in Antwerp for €35 million to local property company, GH Group. They also sold two office properties in Brussels; the Centre Etoile and an office on Avenue Louise, which houses a law firm.

IBRC Assurance was advised on the deals by CBRE, which said the “ongoing liquidation” of IBRC “provided very strict sales sales conditions”.

IBRC Assurance, which is facing lawsuits from a number of investors, is said to have a portfolio of about 40 European properties, worth about €1 billion.