Patrizia Immobilien AG has exchanged contracts for the acquisition of Astro Tower in Brussels on behalf of a Korean consortium via its subsidiary Patrizia France. The asset has been acquired from a Spanish vendor; the price in undisclosed.
“Thanks to our pan-European positioning and special expertise, we have once more succeeded in identifying a highly attractive real estate investment for our Asian clients,” said Dr Konrad Finkenzeller, head of institutional clients international at Patrizia.
The Astro Tower is situated in the city’s central business district in the immediate vicinity of the European District. It provides 36,000m2 of office accommodation across 33 floors. At 107m, the Astro Tower has been part of Brussels’s skyline since it was built in 1976.
Following an elaborate refurbishment by the previous owner for just under €100m, the Astro Tower will become an iconic landmark in Brussels‘s CBD. Once the works have been completed, the building will have the highest energy classification of the passive energy standard. The tower also includes five levels of underground space, car parking for 264 vehicles, an archive area and excellent access to the public transportation network. The entire building will house, as from October 2016, the regional headquarters of the Employment Agency over a 26-year, long-term lease with an indexed leasing agreement.
“The office property market in Brussels, thanks to its outstanding stability over the years, is extremely attractive to institutional capital,” said Bruno Cohen, managing director at Patrizia France. “The high level of energy efficiency means that we have been able to identify not just an appealing, but also a sustainable, investment opportunity,” Cohen continued.
