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French fund acquires 60% stake in ENGIE's Belgian headquarters


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French fund acquires 60% stake in ENGIE's Belgian headquarters

La Française Real Estate Partners International purchased a 60% interest in a joint venture that owns a two-building office complex in Brussels fully leased to French electric utility company ENGIE.

The French fund manager bought the stake from state-owned Belfius Bank & Insurance. Financial details were not disclosed, save for German Landesbank Helaba providing the financing for the deal.

A December 2013 release on Belfius' acquisition of the stake valued the 60% interest at €163 million.

The North Light and Pole Star complex spans 77,000 square meters and is the Belgian headquarters of ENGIE, which has roughly 13 years left in its lease. AG Real Estate holds the remaining 40% stake in the complex and will remain as property manager.

La Française Real Estate said it sealed the transaction with the backing of South Korean investors Samsung Securities and Hyundai Marine & Fire and a French collective real estate investment vehicle managed by La Française REM.