The developers of the SOUTH CITY project (ATENOR GROUP, BPI and ESPACE MIDI*), of which ATENOR GROUP holds 40% of the shares, are happy to announce the transfer of ownership of South City Office Fonsny to INTEGRAL and OGEO Fund on June 30, 2010.
The SOUTH CITY complex is ideally located along the avenue Fonsny and the Place Broodthaers, directly facing the exit of the Gare du Midi in Brussels. With excellent accessibility and a resolutely durable design, SOUTH CITY was an immediate commercial success (the whole of the complex being 100% rented prior to delivery). It has in total nearly 31,000 m² of offices and a 142-room hotel.
The Fonsny building (the property of South City Fonsny Office sa), consisting of 13,200 m² of offices and three commercial properties is the first building of the South City complex to be completed: it was delivered on December 15, 2009 and the offices has been fully occupied since then by SMALS under the terms of a 27- year fixed lease. Its location (and hence its accessibility), its design and technical realization, its tenants and the duration of the lease, are all exceptional qualities that justified INTEGRAL and OGEO Fund making this acquisition. The value of the building was fixed at around 49 million.
The balance of the SOUTH CITY complex will be completed in the coming months: the second office building (called Broodthaers and whose entrance gives onto the Place with the same name) will be delivered in November 2010 and the hotel should open in March 2011. This transaction shows that the Brussels market is still highly valued for property combining accessibility, durable technical performance and tenant quality, which should be confirmed for the balance of the SOUTH CITY complex.
This transaction was managed and carried out in full by Anixton, an independent consulting company offering corporate real estate solutions.
Source: ATENOR GROUP
