Dutch real estate developer Breevast and investor ZBG Group of Cos. sold the Brussels Finance Tower office building in Brussels for over €1.2 billion, making it the largest single asset deal ever completed in Belgium.
South Korean financial services and investment group Meritz Securities, which is a part of Meritz Financial Group, and its London-based asset and investment management company Valesco Group were the buyers.
The tower has 200,000 square meters of office space and last traded for €311 million in December 2001.
The sale marks the conclusion of Breevast and ZBG's urban development in the area which, alongside the tower, includes over 150,000 square meters of office, residential and retail space in the RAC Belair sites. The project has redeveloped and developed over 350,000 square meters in the area.
CBRE and Loyens & Loeff, Stibbe and PwC Legal advised the sellers on the transaction, while Valesco Group advised Meritz Securities.