Developer Codic Group has sold the Atlantis office development project in Brussels to an open-ended German fund managed under German law by UBS for EUR 100 mln. Jones Lang LaSalle's Capital Markets team advised Codic on the sale of three companies which owned the Atlantis project.
Developer Codic Group has sold the Atlantis office development project in Brussels to an open-ended German fund managed under German law by UBS for EUR 100 mln. Jones Lang LaSalle's Capital Markets team advised Codic on the sale of three companies which owned the Atlantis project.
The project is a speculative 31,000 m2 office development due for delivery in the second quarter of 2010. It consists of three sections - the Access, Bridge and Corner buildings - which until now were owned by the three separate companies.
The project is located in Brussels on the E40 motorway, bordering the Brussels-Capital region and Berchem Sainte-Agathe. Earlier this year, JLL advised Codic on the sale of the company that owned the Zenith Tower, a 30,000 m2, EUR 125 mln speculative development and trophy asset in the heart of Brussels North district to closed-end German fund Meag Euro Pro.
Jones Lang LaSalle said the latest deal underpins the strength of the Belgian office market as well as the continuing interest of German investors in the region. 'This is the second 31,000m²+ project we have sold only within a few months on behalf of Codic,' said Norbert Müller, head of capital markets at JLL Benelux. 'Both were purchased by German investors looking to secure state-of-the-art projects built by one of the leading local, and indeed, international developers.'
German investors have accounted for 10% of commercial real estate investments in Belgium so far this year.
