Dutch company considers second quarter deal for Tour des Finances building, leased by Belgian government for 34 years, in what would be a record transaction
A €1bn Brussels asset that could set a record yield is expected to go on sale later this year, according to sources.
Dutch company Breevast, owner of the Tour des Finances tower, was believed to have considered selling the building late last year.
Any deal on the 220,000m2 asset would set a record for the Belgian capital.
A source told EuroProperty that the 220m tall tower could be put on the market in the second half of this year. If the asset was sold for €1bn, yields could be near 4%.
Refurbishment of the property, on the corner of Boulevard Pachéco and Kruidtuinlaan, is due for completion this year.
Having bought the tower from the Belgian government for €300m in 2001, Breevast agreed a sale-and-leaseback allowing the state’s finance ministry to sign a 34-year lease with indexed rents.
Other Brussels deals
Elsewhere in Brussels, Spanish investor Santander is in exclusive talks to buy a prime office tower in the city.
The 33-floor Astro tower, in the centre of the Belgian capital, is being sold by Hugenholtz Project and Bouwfonds Property Finance.
The 38,000 m2 asset is expected to sell for between €100m-€120m, with yields estimated at around 6%.
CBRE is advising Hugenholtz, which paid Belgian bank Fortis €67m for the Avenue de l’Astronomie asset in April 2005.
Meanwhile, Belgian rail operator SNCB’s property manager, Eurostation, is looking for a buyer of a 60,000 m2 property near the Gare du Midi’s Eurostar terminal.
The asset, believed to be worth as much as €240m, was officially put on the market last month.
DTZ is advising Eurostation on the sale.
