With the acquisition of the special purpose company Gaucheret S.A. from Codic Belgium, MEAG purchased 100% of the shares in the project development Zenith Tower in Brussels. MEAG and Codic Belgium signed the deal on May 23, 2007.
The value of the transaction has not been revealed. The Zenith Tower is an office building with a total surface area of over 30,000 m² and located in Brussels, Belgium, in the commune of Schaerbeek. Codic Belgium is responsible for the conception and development of the project. Delivery is planned for the beginning of 2009.
The Zenith Tower was purchased for the real estate fund MEAG EURO PRO. This institutional fund invests in office buildings located in major European cities. The yield of the MEAG EURO PRO was 8.7% in the fiscal year 2006.
Codic Belgium is part of the Codic Group. The group is currently undertaking projects in Belgium, France, Hungary, and Luxembourg. Codic Belgium was advised by Jones Lang LaSalle in this transaction, MEAG by CB Richard Ellis.
MEAG MUNICH ERGO AssetManagement GmbH in Munich is the asset manager for Munich Re and ERGO Insurance Group. With offices in New York and Hong Kong, MEAG has an international orientation and also manages the assets of clients outside the Munich Re Group.
Source: MEAG
