Belgian redevelopment company Banimmo said on Wednesday that it has purchased the North Plaza building in Brussels from KBC Bank for EUR 32mln. Banimmo launched an initial EUR 29.2mln takeover bid for North Plaza in December 2007. The company was vying with GE Real Estate for the asset. The acquisition reflects a net initial yield of 6.87%.
Belgian redevelopment company Banimmo said on Wednesday that it has purchased the North Plaza building in Brussels from KBC Bank for EUR 32mln. Banimmo launched an initial EUR 29.2mln takeover bid for North Plaza in December 2007. The company was vying with GE Real Estate for the asset. The acquisition reflects a net initial yield of 6.87%.
The building provides 13,630 m2 of office space, 652 m2 of filing space and 146 parking spots. Its current lessees, Regie der Gebouwen and Fin-force, jointly occupy approximately 80% of the building for an annual rent of EUR 2.2mln running till the end of 2009. In a statement, Banimmo said it will renovate the asset to ensure that it meets the standards of the competitive office market of Brussels' North District.
