Early in 2021, Savills Investment Management concluded a sale & leaseback deal for an iconic office building in Brussels North district. Savills acquired the property on behalf of a foreign investor from AXA and the current tenant of the building, Euroclear, for approximately 173 million Euros. Treex was mandated by Savills IM as technical advisor to carry out a Technical Due Diligence prior to the acquisition.
This 1990’s building was renovated around three years ago. Its 36,000 m² are entirely let under a 12-year lease to financial services company Euroclear. The building is highly visible from the Brussels inner ring road at the entrance to the main road running through Brussels North district. This location is also home to several international headquarters and other high-rise office buildings.
Savills IM says that Belgium, and particularly Brussels, have been at the heart of their strategy for 2021. The investor considers the Brussels office market to be attractive to European institutions and government organizations looking for long leases.
Acting for the parties in this transaction were PWC and Treex for the buyer, while JLL and lawyer Loyens Loeff advised the seller.