Crédit Agricole Corporate and Investment Bank (CACIB) has sold the shares of BTI SA, which owns real estate rights to the Brouckère Tower, to entities managed by DW Partners, LP and Whitewood.
The Brouckère Tower, formerly known as the Philips Tower, is an iconic building in the heart of Brussels, at the corner of one of the largest European pedestrian areas. The Brouckère Tower offers 36,000 m² of office space, a retail portion, and 525 units worth of public parking.
For CACIB, the transaction represents a successful exit after having acquired the shares of BTI SA in January 2014 from Morgan Stanley Eurozone Office Funds. After acquiring the company, CACIB worked to reposition the tower and relet it to quality tenants.
DW Partners, together with Whitewood, have purchased the shares of BTI SA in pursuit of their ongoing European value creating strategy. Building on the work undertaken by CACIB, the purchasers aim to re-establish Brouckère Tower as a prime location for corporate and institutional tenants.
Pascal Rouzée, managing director of CACIB commented: “When taking over the company, we maintained Bress (Belgian Real Estate Services) as Property Manager under the close supervision of ROM (Roux Oeuvre Maitrise), a Paris based Project Manager. Based on ROM’s studies and contacts with local authorities, we rapidly concluded that a major refurbishment plan to fully repositioning the building might not be achievable before 2019. We subsequently decided to offer the vacant floors on a short-let basis only, which proved to be a successful strategy, stabilizing the tower and providing cash flow to pre-finance redevelopment costs. We are pleased that the acquirers, DW Partners and Whitewood are planning to pursue and expand on the strategy put in place by CACIB”
According to Frédéric Van der Planken, managing director of Whitewood: “The Brouckère Tower enhances the skyline of Brussels centre, and it has all the key elements to make for a successful investment. When you combine “location, location, location” with size and flexibility, you have the right ingredients. Through the combined vision of DW Partners, complemented with Whitewood’s in-house teams, we will strive to make this tower a beacon at the heart of our capital once again”.
Andrew Ulmer, Tim Bass and Aaron Bryson, of DW Partners, added: “We are thrilled to be part of this opportunity to help revitalize an architectural icon.”
DW Partners and Whitewood were advised by Colliers Investment Management Belgium, BNP Paribas Real Estate, PwC and Linklaters LLP.
CACIB employed Baker & McKenzie Brussels and Norton Rose Fulbright Paris as their lead counsels.
