Sale of the South Express building

GLL Real Estate Partners GmbH has sold its company GLL South Express SA – holding as main asset the South Express A2 building - to Allianz Real Estate for the account of Euler Hermes. CBRE advised GLL in the transaction.

The property is strategically located in front of the Midi train station and next to the Brussels inner ring road, providing a smooth connection to all types of public transport available in Brussels and giving direct access by private transport to the city and suburbs.

The South Express A2 was developed by a temporary association of the companies Soficom, Besix, CFE and Immobel and delivered in 2008.

The 8 storey building comprises 10.414 m² of office space, 317 m² of archives space and 67 parking units. It is fully let to the SNCB Holding and occupied as headquarters of TUC Rail, a subsidiary of the Belgian national railway company.

This is the second time CBRE is mandated to advise the owner in a sale of South Express A2. In 2008, the real estate adviser was already co-exclusively mandated to advise the developers in the sale to GLL.

GLL Real Estate Partners has sold the asset to Allianz Real Estate. The German multinational financial services company bought the South Express A2 for the account of Euler Hermes, an insurance company that forms part of the Allianz group of companies.

The vendor, GLL Real Estate Partners GmbH (GLL), is a Munich based global real estate fund management group with approximately €5 Billion AUM served by offices in Europe, the United States and South America.

The purchase price was not disclosed.