Belgian REIT Befimmo is believed to be looking to sell a 50% stake in its Zin development project in Brussels.
According to market sources, the landlord has hired JLL to market the asset, which is understood to involve a construction cost of €375 mln.
The sale process is understood to be still at an initial stage, with market experts putting the value for the entire asset at around €600 mln.
Befimmo obtained the permit for Zin in 2018 and started demolition a year later. The multifunctional project consists of about 110,000 m2 above ground, 75,000 m2 of which is office space (including a space devoted to co-working), 14,000 m2 of housing, 16,000 m2of hotel accommodation, and leisure areas, hospitality and shops.
The office element is already fully pre-let to the Flemish authorities and the entire project is expected for delivery in 2023.
