Around 20 bids for Athora’s €180m Solar portfolio

A portfolio of offices for sale including a landmark tower in Brussels has attracted strong interest from local and international investors, with around 20 suitors competing for the assets, according to a report by PropertyEU's sister publication, Europroperty.

The sale, which has just entered the second round of bidding, is being managed on a joint instruction by agents Savills and Jones Lang LaSalle on behalf of landlord Athora.

Belgian insurance group Athora inherited the properties as part of its acquisition earlier this year of Generali Belgium, the Belgian arm of insurer Generali. It is now believed to be selling the subsidiary owning the assets in a share deal valued at between €175 and €185 mln.

The portfolio encompasses seven offices in the country providing different risk-return type of investment. It is believed to include a number of fully-let well-located properties as well as one of Brussels’ most prominent assets, the so-called Louise tower (formerly Tour Generali).

The building – a landmark on Brussels’ skyline –  reaches 85 metres in height and provides 26,600 m2 of office space in the prestigious Avenue Louise. It is planned to be vacated and fully refurbished to meet the highest specifications in terms of high-rise buildings in the city. The estimated capex is in excess of €50-55 mln.


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