Belgian listed property company Befimmo has reached agreement with German fund manager SEB Investment for the purchase of shares in Ringcenter, owner of the Pavilion complex in Brussels, for EUR 55.3 mln.
Belgian listed property company Befimmo has reached agreement with German fund manager SEB Investment for the purchase of shares in Ringcenter, owner of the Pavilion complex in Brussels, for EUR 55.3 mln.
The complex, completed in 2005, is located in the heart of the Leopold district in Brussels. The property comprises 18,750 m2 of office space, 900 m2 of archives and 106 parking spaces. The complex has been valued at EUR 78 mln.
The European Commission has the entire complex in usufruct, for a residual duration of almost 15 years. The current yield of the usufruct fee is 5.12%.
The transfer of ownership of the shares in Ringcenter is scheduled for mid-February 2011.
