ING Real Estate has announced the €142 million acquisition of Bastion Tower in Brussels, Belgium, from Hamburg-based Union Investment Real Estate AG who has held the building in one of its real estate funds since October 2003. The property was jointly acquired on a 50/50 basis by the ING Real Estate European Office Fund and the Australian-based ING Office Fund.
The property is located in the European Quarter of Leopold district, a prime Brussels location. The 90-meter high building has 26 floors and comprises 31,484 m² of office space and 510 parking spaces. It was designed by architect Aldo Sanguinetti and is one of the few high-rise office towers in Brussels. The main tenant is the international law firm Freshfields and further tenants include Suez, Société Generale, RBB, Schneider and King Sturge. The property is almost fully let.
Commenting on the acquisition Leo Weidenaar, Fund Manager of ING Real Estate European Office Fund, said, "The building's location and design make it unique in the Brussels market, one of the steadiest global real estate markets with excellent forecasts based on a strong Belgian economy".
Bastion Tower will partially be added to the ING Real Estate European Office Fund portfolio, which is almost fully committed. The Fund's target size has been increased to €1 billion from EUR 700 million and its structure changed to admit more investors, adding Germany to the group of investment countries. The Fund was launched as a semi-closed-end fund in late 2005.
Source: ING Real Estate