Munich-based asset manager Meag has signed a deal with Codic Belgium for the acquisition of all the shares in special purpose company that owns the Zenith-Tower development in Brussels, Belgium. The Zenith-Tower was purchased for the institutional office fund Meag Euro Pro. The price was not disclosed, but Meag said the yield for the fund was 8.7 % in the fiscal year 2006.
Munich-based asset manager Meag has signed a deal with Codic Belgium for the acquisition of all the shares in special purpose company that owns the Zenith-Tower development in Brussels, Belgium. The Zenith-Tower was purchased for the institutional office fund Meag Euro Pro. The price was not disclosed, but Meag said the yield for the fund was 8.7 % in the fiscal year 2006.
The tower is a 30,000 m2 office building located in the commune of Schaerbeek in Brussels. Codic Belgium is responsible for the conception and development of the project. Delivery is planned for the beginning of 2009. The principal activity of the Codic Group is the development of office projects, business parks, retail projects and multi-functional schemes in Belgium, France and Luxembourg.
Meag is the asset manager for Munich Re's Ergo Insurance Group and it manages assets to the value of around EUR 184 bn, of which around EUR 13 bn is held in real estate.
Codic Belgium was advised by Jones Lang LaSalle in this transaction. CB Richard Ellis acted for Meag.
