Cypriot company Easternmed Real Estate Capital Plc has completed a major investment in Brussels, after acquiring the full share capital of Arlon 75BV, the company that owns The Muse, a newly delivered office building in the Belgian capital’s European Quarter.

The deal, which gives Easternmed indirect control of the property, was confirmed through separate announcements by the Cypriot company and Belgian real estate group Immobel, which said it had sold the building for a total transaction value of €100 million.

The acquisition strengthens Easternmed’s international property portfolio and adds a high-profile asset in one of Europe’s most institutional business districts, with The Muse set to house the European Defence Agency (EDA) under a long-term lease.

According to Easternmed’s announcement to the Cyprus Stock Exchange, the total price for the acquisition of 100 per cent of the share capital of Arlon 75BV amounted to €82.26m, with the payment made entirely in cash through a bank transfer.

Immobel, for its part, referred to a total transaction value of €100m.

The difference between the two figures appears to reflect the different basis used in the two announcements, with Easternmed referring to the price paid for the shares of the company that owns the property, while Immobel referred to the wider transaction value.

Immobel also said the transaction included the sale of the shares of The Muse’s holding company to Easternmed Real Estate Capital, together with the sale of receivables linked to the European Defence Agency’s dedicated fit-out reimbursements to vdk bank.

JLL and CBRE acted as exclusive selling agents to Immobel in the transaction.

In its own announcement, Easternmed said the deal resulted in goodwill of €22.83m, explaining that this was linked to the fact that the property is not presented at market value in the company’s financial statements.

The acquisition is considered particularly important because of the profile and duration of the tenancy. According to Immobel, The Muse has secured a 15-year commitment from the European Defence Agency, giving Easternmed a long-term source of rental income from an EU-linked institutional tenant.

The property is located at Rue d’Arlon 75-77, in the heart of Brussels’ European Quarter, close to the main institutions of the European Union.

Delivered in April 2026, The Muse offers around 10,500 square metres of prime office space, although Immobel’s wider project factsheet refers to a total surface area of 12,460 square metres.

The building was designed by architectural firm Archi2000 and has been developed as a modern, sustainable and flexible workplace, with strong emphasis on natural light, adaptable floorplates and occupant wellbeing.

The building also carries high environmental credentials, including BREEAM Outstanding and WELL Platinum certifications. Immobel said the project is EU Taxonomy aligned, has an EPC A rating and includes energy-efficient technical systems, soft-mobility infrastructure and the preservation and reuse of parts of the existing structure.

The Muse also has a historical identity. Before its redevelopment, the building served for decades as the headquarters of SABAM, the Belgian association representing authors, composers and publishers.

Rather than demolishing the structure, the project was redesigned around a circular approach, with Archi2000 saying the aim was to transform the constraints of the existing building into the basis for a new, contemporary office asset.

This also places the transaction within a wider trend in Brussels, where demand has remained concentrated on newer, more sustainable and well-located office space, even as overall activity in the market has slowed.

According to JLL’s Brussels office market report for the first quarter of 2026, office take-up in the Belgian capital fell to 40,496 square metres, down 49 per cent year-on-year, while city-wide vacancy remained stable at 7.7 per cent.

At the same time, prime rents in the European District were confirmed at around €400 per square metre per year, reflecting continued demand for high-quality assets in central locations.

Cushman & Wakefield also pointed to a subdued start to the year, with 32,100 square metres of office take-up across 39 transactions in the first quarter, while prime CBD rents held at €370 to €390 per square metre per year, with market discussion around the €400 threshold for the best boutique spaces.

Although the rent agreed with the European Defence Agency has not been disclosed, market levels for prime offices in the European Quarter said that The Muse could generate substantial annual income for Easternmed.

Based on the JLL figure of around €400 per square metre per year, a 10,500-square-metre property could theoretically generate more than €4m annually, about €350,000 per month.

This, however, remains an estimate based on market levels and the building’s size, not a published rent from the specific lease agreement.

Easternmed itself said in its announcement that the acquisition is expected to generate rents that will strengthen the group’s profitability.

The move fits closely with the company’s existing strategy. Easternmed, which was incorporated in Cyprus in 2019 and is listed on the Cyprus Stock Exchange Emerging Companies Market, focuses on holding investments in the real estate sector.

Through its subsidiaries, the company already owns commercial properties, mainly office assets, in the United Kingdom and Switzerland, with the aim of securing long-term rental yields and capital appreciation.