La Française Real Estate Partners International is investing in a 77,000sqm office complex in Brussels on behalf of a club of South Korean and French investors.
The French fund manager said it bought a 60% interest in the joint venture that owns the two-building asset, which is leased to French multinational electric utility company ENGIE as its Belgian headquarters.
The stake was sold by Belgian banking and insurance group Belfius, meaning the investors will co-own the asset alongside joint venture partner AG Real Estate, which will continue to manage the asset.
The South Korean investors are Samsung Securities and Hyundai Marine & Fire, both of which were advised by Hyundai Investments Asset Management. The French investor is a collective real estate investment vehicle managed by La Française.
La Française did not disclose the price of the deal, but said financing was provided by Germany’s Landesbank Helaba.
The two buildings, North Light and Pole Star, are located in the North Station area of Brussels and were built in 2011 and 2014.
La Française said the office complex was of high quality and had green credentials.
The lease to ENGIE has around 13 years still to run.
David Rendall, chief executive of La Française Real Estate Partners International, said: “This transaction represents multiple firsts for La Française, including its first transaction in Brussels on behalf of two new Korean clients, and its first co-investment from a collective real estate investment vehicle and investors from Korea.”
