Another South Korean fund has just completed what will be the largest property transaction of the year in Belgium for a single property asset. The deal is close to €650 million. This deal, which will undoubtedly be the largest of the current year on a single real estate asset, has been carried through to completion over months by CBRE Belgium’s Capital Markets team: North Galaxy towers, the main address of FPS Finance in Brussels, are being sold by the current owner – the Danish pension fund ATP (90%) and AXA IM Real Assets (10%) – to a South Korean REIT.

The deal should exceed €650 million. In addition to the size and location of the asset, this amount is justified in particular because the public tenant, the Régie des Bâtiments, remains committed to a long-term lease until 2031 and therefore guarantees the purchaser a recurring indexed return. The office complex (2004), located along the Boulevard Roi Albert II right next to Brussels North station, consists of three buildings connected by a common first two floors and totalling 105,000 m² above ground. The twin 27-storey skyscrapers are among the tallest in the country, reaching a height of 107 metres.            

Architect: Art & Build, Montois Partners, Jaspers-Eyers Architects