LaSalle Investment Management and Catalyst Capital have sold the Manhattan Center office tower in Brussels to London-based private equity firm Victory Advisors.

LaSalle Investment Management and Catalyst Capital have sold the Manhattan Center office tower in Brussels to London-based private equity firm Victory Advisors.

The asset has been sold for around €70 mln following a refurbishment and 17% increase in lettings.

The 55,000 m2 office building comprises 28 floors of office space above ground and six floors of car parking below ground. It is 92% let, with tenants including BNP Paribas, Vlerick Leuven Gent Management School and Carlson Wagonlit Travel. The property also houses a Sheraton Hotel, the largest hotel in Brussels.

The building was acquired in 2007 as part of a portfolio of buildings from Kungsleden, the Swedish property group. LaSalle Investment Management was the majority equity holder in the portfolio, with Catalyst Capital acting as one of the co-investors and asset manager. All the properties have now been sold.

'The Manhattan Center is a quality office building in the centre of Brussels and now is an opportune time to sell,' commented Karim Habra, managing director at LaSalle IM.

Fabrice de Clermont-Tonnerre, a partner with Catalyst responsible for France and the Benelux regions, added: 'This has been a classic Catalyst Capital asset management play and represents a successful exit. When we invested in the office tower seven years ago, it was 75% vacant. We have since leased it up to some very strong companies following a refurbishment programme to both increase occupancy levels and improve longer-term performance. We are continuing to seek other similar investment opportunities in Brussels and other cities in Belgium.'