Irish Life Assurance has acquired the Ilot Saint Michel mixed-use property in the centre of the Belgian city of Liege from Netherlands-based ING Real Estate for EUR 70mln. ING Real Estate said the divestment of the property was one of the final steps of a programme begun a few years ago to optimise and balance direct investments in Europe on behalf of ING Insurance.
Irish Life Assurance has acquired the Ilot Saint Michel mixed-use property in the centre of the Belgian city of Liege from Netherlands-based ING Real Estate for EUR 70mln. ING Real Estate said the divestment of the property was one of the final steps of a programme begun a few years ago to optimise and balance direct investments in Europe on behalf of ING Insurance.
Ilot Saint Michel was constructed by Belgian developer Codic during the late 1990s as one of the elements of a master plan drafted by the architect Claude Strebelle to revitalise the Place Saint Lambert. The scheme comprises 20,400 m2 of retail space on ground and first floor, 5,500 m2 of high-end office space, 2,200 m2 sq m of multifunctional rooms for services and cultural activities below street level. There are also 92 homes and 1,050 parking spaces. The project are interlinked with pedestrian roads, bridges at roof level and the underground parking. The retail space is 97% let and the office space is fully let to public agencies and business tenants.
ING Real Estate was advised in this transaction by Linklaters LLP Brussels.
