AG Real Estate has announced that it has completed the sale of the company controlling all rights related to the Ellipse Building to Taiwanese investor Fubon Life Insurance for €125m.
AG Real Estate and Immobel (CIB) built the building in 2006. Located in the north district, the 21-storey building has 50,342m² of office and multi-use space, 2,573m² for archives and 279 parking units. It is fully rented to two public entities: the Flemish Community occupies about 90% of the building and IBPT (l’Institut Belge des Services Postaux et des Télécommunications), the remainder.
Amaury de Crombrugghe, chief investment officer - office, warehouse & senior housing, said “The sale of a strong asset is always an emotional moment, but with Fubon Life Insurance as the new owner, I’m convinced that Ellipse will continue to be one of Brussels’ trophy assets”.
Serge Fautré, chief executive officer, added “The sale to a Taiwanese investor is both a sign of the market’s internationalisation and of the appeal of Belgium, and particularly of Brussels, as an office market”.
AG Real Estate was jointly advised by Jones Lang LaSalle and CBRE and the seller by Savills.
