La Française sells office asset in Brussels on behalf of Korean investors

La Francaise sells office asset in Brussels on behalf of Korean investors

La Française Real Estate Managers (REM), assisting its client Hyundai Investments, has agreed to sell 100% of the shares of Anvers Luxco SARL to an investment fund, managed by Whitewood.

Anvers Luxco SARL indirectly owns a majority share in the Belgian headquarters of Engie in Brussels.

The asset comprises two buildings, North Light and Pole Star, located in the North Station area of Brussels. Together, the properties make up a high quality “modern” office complex of 77,000 sqm constructed in 2011 and 2014.

La Française said the deal stands as one of the largest office deals in Brussels for 2022.

The asset is fully leased to Engie and has a number of sustainability features, including optimized geothermal energy, geothermal heating and cooling, solar panels, and a sophisticated climate control system.

Brussels North district is currently undergoing a number of urban planning and mixed-used developments, contributing to the revitalization of this part of the Central Business District with an influx of new public and private occupiers. Real estate investment capital is also flowing into the area with recent significant transactions such as North Galaxy Towers and Môbius II.

David Rendall, Managing Director, La Française Real Estate Managers – Institutional Division, said, “La Française is delighted to have secured the sale of North Light and Pole Star to Whitewood, as this completes a successful investment made on behalf of Korean investors, in conjunction with Hyundai Investments. The investment has performed in-line with its business plan and the disposition to a local manager provided an opportunity to return capital to our investors, as part of our active asset management approach.”