French asset manager Corum has purchased an office building in Brussels for €173 mln, the biggest investment in the company’s history.
The Hendrik Conscience building has eight floors and 46,000 m2 of surface area, across three interconnected wings, as well as an auditorium and 200 parking spaces.
Built in 1999, it was completely renovated between 2017 and 2021 to meet modern workspace and environmental standards, notably by obtaining BREEAM ‘Excellent Renovation’ certification.
Leased to the Flemish government and providing numerous municipal services, the building has a yield of over 7.7% at the time of purchase, generating around €13 mln in annual rental income.
Philippe Cervesi, Corum’s managing director, said: ‘This major transaction is the largest ever signed by Corum. It illustrates its strength in the European market at a time when buyers are becoming rarer... and interesting deals are consequently more numerous on the market. The rise in interest rates and the fall in bank financing are not unrelated to this situation. The absence of financing conditions was a key success factor in this operation. Corum's advantage in this new market context? Being able to rely on the vitality of its clients' savings.’
The building is located in the North Quarter of Brussels, 300 meters from Brussels North Station, one of the city's main and busiest train stations in Belgium.
The district is one of the most important service areas in Belgium with approximately 1.5 million m2 of office space.
Numerous international companies and government agencies are located here, including Allianz, Engie and the European Commission.
