Befimmo SA agrees on the acquisition of the Gateway project in Brussels Airport (BE)

Gateway will be the new flagship building of Brussels Airport. The project entails the overall redevelopment of the former office building adjacent to the terminal and next to the tarmac. The exceptional and strategic location of this building is one of the key elements of this investment. Given the quality of the building, the long-term lease and the scarcity of office spaces on the airport, it will be one of the core assets in Befimmo’s portfolio.
Accessibility is excellent, notably thanks to a high-speed railway station beneath the building with easy connections to Belgian city centers and foreign destinations. This highly flexible and sustainable project obtained a BREEAM “Excellent” in Pre-Assessment.
Deloitte Services and Investments SA/NV has signed an 18-year lease for the occupation of the entire building (34,000 m² of offices, restaurants, fitness rooms and 398 parking spaces). The lease agreement will take effect on the handover of the building.
Befimmo will acquire, directly or indirectly, the Gateway project from Codic and Immobel, for a total provisional amount of about €140 million, in line with the fair value determined by an independent real-estate expert and with market yields (gross initial yield of 4.65%). The project consists of a leasehold on the land, with a remaining duration of 98 years, and full ownership of the current and off-plan constructions.
Source: Befimmo