20
December
2010
|
00:00
Europe/London

Sale of South City Office Broodthaers S.A.

CB Richard Ellis has advised Atenor, BPI and Espace Midi in the sale of the company « South City Office Broodthaers ».

CB Richard Ellis has advised Atenor, BPI and Espace Midi in the sale of the company « South City Office Broodthaers », owner of the second and third office building of the South City Complex, just across the entrance to the Brussels South Station. Allianz Belgium, one of the largest Belgium insurers and financial service providers, was the buyer.

The office buildings came online on 15 November, and offer 17.667 m² of office space, 706 m² of archives and 97 parking units. SMALS and the Belgian Railway Holding (SNCB/NMBS Holding) are the main tenants. SMALS signed a
27-year lease contract, while the Belgian Railway Holding committed to the building for an initial 9 years. Another 349 m² of retail space will be occupied by the Belgian Railway Holding, a pharmacist and a pub.

The value of the buildings in this transaction is estimated at 70 million euros.

Earlier in July, Intégrale et Ogeo Fund already acquired the company « South City Office Fonsny », that owned the first office building of the South City project, which was entirely let to SMALS as well.

The South City complex is ideally located in the Brussels CBD, just across the South high-speed train station along the Avenue Fonsny. A final phase of the South City project concerns the construction of a hotel, which is expected to be ready in March.

CB Richard Ellis acted as exclusive consultant in the transaction for the account of Atenor, BPI and Espace Midi.