HSH Nordbank AG will finance purchase of the Covent Garden office complex in Brussels by London-based Randall Investment Management Ltd. The finance volume amounts to about €240 million. The complex, which consists of parts of two buildings with about 14,700 and 57,500 m² of space, is a new construction project that is to be completely finished by the end of January 2008.
Office usage will account for the bulk of the total space of 72,000 m², with about 500 m² available for retail outlets and other uses. The underground garage belonging to the property provides about 350 parking spaces.
The property is situated in a prime location in Quartier Nord, on the periphery of Brussels' Central Business District. The immediate neighborhood includes the renowned Rue Neuve shopping street; Brussels North train station is about 300 meters away. Belgian government offices as well as several well-known companies, such as Fortis and Dexia, have located near the facility.
Building part A with about 20% of the total space has been leased to the European Commission for 15 years; the space in building part B is currently being marketed.
"Based on the inquiries we are currently receiving and the negotiations that are underway, we expect to be able to lease the remaining space soon and on good market terms," said Claudio Lagemann, Global Head of Real Estate at HSH Nordbank. "It is unlikely that another office property of similar size will come onto the market in Brussels in the next two years. For this reason, and also because of the attractive location, Covent Garden is appealing especially to office tenants requiring a lot of space."
Source: HSH Nordbank