HSH finances Evans Randall's EUR 240m Brussels office buy

German bank HSH Nordbank said on Thursday it is to finance UK property investor Randall Investment Management's EUR 240 mln acquisition of the Covent Garden office complex in Brussels. The new complex will consist of two building parts with total space of over 72,000 m² and is set for completion at the end of January.

The bulk of the complex is destined for offices, with around 500 m² available for retail outlets and other uses. The underground garage will provide around 350 parking spaces.

The property is situated in a prime location in Quartier Nord, on the periphery of Brussels' Central Business District. Building part A, which accounts for around 20% percent of the total space has been leased to the European Commission for 15 years. The space in building part B is currently being marketed.

'Based on the inquiries we are currently receiving and the negotiations that are underway, we expect to be able to lease the remaining space soon and at good market terms,' said Claudio Lagemann, global head of real estate at HSH Nordbank. 'It is unlikely that another office property of similar size will come onto the market in Brussels in the next two years. For this reason, and also because of the attractive location, Covent Garden is appealing
especially to office tenants requiring a lot of space.'