Frankfurt-based fund manager KanAm has sold its office property Square de Meeûs in Brussels for an undisclosed sum to a consortium based in South Korea.
The property was valued at €162.6 mln in a factsheet produced in November 2016 by KanAm. The 39,711 m2 building, with 400 parking spaces, represents the last remaining major asset to be disposed as part of the liquidation of KanAm grundinvest Fonds.
Square de Meeûs underwent a complete refurbishment before being let to current tenant, the European Parliament. After completion of the bidding process and the signing of contracts back in December 2016, the final handover to the institutional purchasing consortium from South Korea took place in April.
To date, KanAm grundinvest Fonds has now divested around 95%, almost €6 bn worth of real estate assets, and announced a further substantial payout for the end of the second quarter.
There are still four smaller properties to be sold, comprising Le Colombia (Bois-Colombes, Paris), Onyx (Clichy-la-Garenne, Paris), Blaak 555 (Rotterdam) and Robecohuis (Rotterdam). According to KanAm, their sale by the previous deadline of 31 December 2016 was only prevented by 'local market developments, current vacancies or short rental periods'.
KanAm grundinvest Fonds said it would be consulting custodian bank M.M. Warburg & Co. on the modernisation and reletting of the remaining assets.
