“Dutch real estate developer, Breevast, and investor, ZBG Group of Companies, have sold the Brussels Finance Tower for over €1.2 billion.”

Bought by the South Korean investment group Meritz Securities and its London-based investment and asset manager Valesco Group, the transaction represents the largest single property deal ever to be completed in Belgium-meaning it is the largest transaction in which ownership does not exceed one dwelling.” — The Brussels Times

The expansive 220.000 square meter space, refurbished in 2001 and rented to the Belgian Government until 2034 represents a yield of at least 4,85% or 7.000 euros net per square meter.

It is the London based Valesco Group Ltd and the South Korean AIP Asset Management (Meritz), which already owns the Astro Tower adjacent to the building. The operation was made possible thanks to a 720 million euros senior loan from a German consortium which included Allianz, Bayern LB, LGIM et SMBC.The seller is the Dutch promotor Breevast bought it in 2001 for €311 Million in a sale and leaseback operation. They have invested €325 million into the building upon a refurbishing project which was completed in 2005.

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