Belgian companies Breevast and Compagnie Immobiliere de Belgique (Immobel) have bought Dexia Bank's 25% stake in Rac Investment Corp, owner of the State Administrative Centre in Brussels, known as the Rijks Administratief Centrum. Breevast and Immobel said that they will jointly develop the site in the city centre into a multifunctional project with residential and office space.
Belgian companies Breevast and Compagnie Immobiliere de Belgique (Immobel) have bought Dexia Bank's 25% stake in Rac Investment Corp, owner of the State Administrative Centre in Brussels, known as the Rijks Administratief Centrum. Breevast and Immobel said that they will jointly develop the site in the city centre into a multifunctional project with residential and office space.
Dexia and Immobel bought a stake in the RAC property in 2003. Breevast, which puchased the property from the Belgian government, had a 50% stake in Rac prior to the transaction, while Immobel held the remaining 25% stake.