King Sturge advises in sale of Brussels landmark for 92.5m (BE)
Friday 21 March 2008
IFCH, a subsidiary of Fortis Real Estate, has sold the freehold of the Hulpe166 building in Brussels to a property fund managed by UBS Real Estate.
The building, situated at number 166 Chaussée de la Hulpe, is one of the most prestigious buildings in Brussels with more than 31,000 m² of office space. Originally built for Glaverbel in 1967, it was totally refurbished in 1998. The building is almost fully occupied by companies such as SAP, International Paper, Organon, Owens Corning and AGV Flat Glass Europe (previously Glaverbel). Last year the building generated a rental income of €5.4 million.
UBS acquired the property for a net price of €92.5 million.
The Investment department of King Sturge Belgium advised IFCH on the sale with Catella Property Belgium acting as co-agent.