Dutch privately held retail specialist Redevco has sold the Evere Tower office building in Brussels along with the surrounding retail units to La Financière Teychené, a subsidiary of French investor Gérard Teychené, for some €50 mln.
Dutch privately held retail specialist Redevco has sold the Evere Tower office building in Brussels along with the surrounding retail units to La Financière Teychené, a subsidiary of French investor Gérard Teychené, for some €50 mln.
The sale is in line with Redevco's strategy of focusing exclusively on offices, said Eric Van Dyck, managing director of Redevco Belgium.
'Redevco is pursuing its strategy of reviewing its Belgian portfolio while also reducing its exposure to the office property market. Following this transaction Redevco’s Belgian portfolio is 100% made up of retail property,' he noted.
Located on the Avenue des Olympiades, the building is leased to retail group Carrefour which uses it as its Belgian headquarters. It comprises over 21,000 m2 of office space, 8,000 m2 of archives and around 1,000 parking spaces. The existing rental contract for the offices was renewed at the beginning of 2013 for a period of eight years.
The transaction also involves a 10,000 m2 supermarket as well as adjoining cafes and restaurants covering 4,250 m2.
'This transaction is one of the first of such a size on the Brussels periphery and demonstrates that Belgium has clearly begun to interest numerous international investors once again, thanks to the yields it offers when compared to other European capitals,' commented Stijn Thomas of Cushman & Wakefield Belgium, which brokered the deal.
Valéry Autin of Teychené Invest Belgium added: 'This new acquisition enables the Teychené group to extend its Belgian portfolio to more than €110 mln and to confirm its desire to be a major player on the Belgian real estate market.'