Dutch property giant ING Real Estate said on Thursday it had acquired the Bastion Tower in Brussels from Hamburg-based Union Investment Real Estate for EUR 142 mln. ING said the property was jointly acquired on a 50/50 basis by its ING Real Estate European Office Fund and the Australia-based ING Office Fund.
Dutch property giant ING Real Estate said on Thursday it had acquired the Bastion Tower in Brussels from Hamburg-based Union Investment Real Estate for EUR 142 mln. ING said the property was jointly acquired on a 50/50 basis by its ING Real Estate European Office Fund and the Australia-based ING Office Fund.
The Bastion tower 26 floors and comprises 31,484 m2 of office space and 510 parking spaces. Tenants include law firm Freshfields, Suez, Société Generale, RBB, Schneider and King Sturge. The property is almost fully let.
‘The building's location and design make it unique in the Brussels market, one of the steadiest global real estate markets with excellent forecasts based on a strong Belgian economy’, said Leo Weidenaar, Fund Manager of ING Real Estate European Office Fund.
Bastion Tower will be partly be added to the ING Real Estate European Office Fund portfolio, which is almost fully committed. ING said it had upped the fund's target size to EUR 1 bn from EUR 700 mln and will admit more investors, adding Germany to the group of investment countries. The Fund was launched as a semi-closed-end fund in late 2005.
