AXA Real Estate Investment Managers has agreed with ATP and AXA Belgium to acquire the shares of the company owning the North Galaxy prime office building in Brussels, Belgium, from Cofinimmo SA.
The EUR475 million transaction has been made by AXA Real Estate on behalf of a newly created joint venture between AXA Belgium and ATP, Denmark’s largest pension fund.
Under the terms of the transaction, the building will be managed by AXA Real Estate. The JV is a 90:10 split between ATP and AXA Belgium.
The 151,000 sq m core asset includes 105,000 sq m of office space set out across two 28-floor towers and a smaller six-floor tower. This office space is fully let to the Belgian Building Agency as headquarters of the Ministry of Finance with a long-term lease. The building also incorporates over 400 sq m of commercial space, providing a food store, a bank branch and over 600 car parking spaces.
The property is located in the North District of Brussels close to the airport and adjacent to one of the three largest train stations in Brussels – Gare de Bruxelles-Nord.
Pierre Vaquier, CEO at AXA Real Estate, says: “This is a key transaction for AXA Real Estate this year and it marks the beginning of new and long-term partnership that we have been able to facilitate for our clients. We are pleased to welcome ATP as a new client and that they chose AXA Real Estate because of their confidence in our ability to deliver value thanks to our strong local team.
“By successfully acquiring a well located, core asset we are able to provide our clients with exposure to stable, long term income, in a highly competitive market for core investments. It clearly demonstrates of both our experience in bringing together investors to partner in joint venture and the capabilities of our on-the-ground team to source and execute transactions of this calibre.”