Icelandic bank SJ1, advised by international real estate advisors DTZ and Savills, has sold Zuiderpoort office property in Ghent. The asset totals around 63,000 m² (675,000 ft²) which represents the largest office transaction in Belgium so far this year.
The 10-story property is fully let to 16 tenants.
The asset is located at G. Crommenlaan 9, alongside the main highway that enters into the city of Ghent, and has been purchased by the Abu Dhabi Investment Authority (ADIA).
The 10-story property, which consists of three buildings, is fully let to 16 tenants including Regie der Gebouwen (the Federal Agency for public real estate matters in Belgium), Flemish government tenant IBBT, ING, Ghent University and Tele Atlas.
Gregory Martin, managing director at Savills Belux, says: "We are pleased to announce the closing of the Zuiderpoort transaction as this is the largest sale of a multi-let property on short-term leases in the country since 2008. As the second biggest office market in Flanders, one of the three Belgian regions, Ghent is a popular destination for investors and it currently has the lowest office vacancy rate in the country, at approximately 4.4%."
Frédéric Van de Putte, leading this transaction on behalf of DTZ, adds: "It has been an extremely complex transaction to structure as, besides the landlord and buyer's interests, a dozen banks had to agree on the final settlement. Accordingly, Zuiderpoort has been the largest transaction in recent years in Belgium with a tripartite completion between lenders, shareholder and buyer."