Cofinimmo completes sale of Brussels office for €50m

Belgian REIT Cofinimmo has agreed to sell the Souverain/Vorst 23/25 office building, located at Boulevard du Souverain/Vorstlaan in the decentralised area of Brussels, for €50 mln, reflecting a premium to market value.

The buyer is a consortium of developers Cores, Urbicoon and Foresite.

The site consists of two adjoining buildings: the Souverain/Vorst 25 building (formerly known as the ‘AXA building’, after the name of its last tenant) and the Souverain/Vorst 23 building. The complex, which offers more than 57,000 m2 of office space, has been vacant since the AXA Group left in 2017.  
However, the transaction concluded today does not include the neighbouring site, also known as ‘Tenreuken’.  
Jean-Pierre Hanin, Chief Executive Officer of Cofinimmo: 'Though the Souverain/Vorst has always been an iconic building in Brussels, it did not fit within our strategy anymore. After having divested very large single-tenant office spaces, Cofinimmo continues to improve its office portfolio by reducing its presence in the decentralised area of Brussels to the benefit of high-quality buildings located in the Central Business District. We are obviously delighted with the new perspectives the buyers will be able to offer to this site.'


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