Belgian regulated real estate company Cofinimmo has divested the Loi/Wetstraat 57 office building in the Central Business District (CBD) of Brussels for €36 mln.
Through its wholly-owned subsidiary Cofinimmo Offices, the company has granted a 99-year leasehold right on the building to Ghent-based real estate developer Alides.
With its extensive experience and focus on real estate upcycling. Alides aims to transform this property into a thriving hub that caters to the evolving needs of the European district.
Situated adjacent to Alides’ existing Copernicus building, the property, which dates back to 2001, consists of 10,300 m2 of office space, 400 m2 of archives, and 97 parking spaces, all fully let to Cleary Gottlieb Steen & Hamilton.
Jean-PierreHanin, CEO of Cofinimmo, said: ‘With this transaction, we pursue our ESG strategy and the overall rebalancing of our portfolio and demonstrate our ability to perform asset arbitrages.’
Rikkert Leeman, CEO of Alides, added: ‘We are thrilled to have secured the rights to this prominent building on rue de la Loi. This acquisition aligns perfectly with our long-term growth strategy, allowing us to expand our footprint in the European district. We are committed to investing in and developing innovative and sustainable properties that contribute to the vibrant character of this prestigious district.’
The deal is part of Cofinimmo’s strategy of rebalancing its real estate portfolio, which has resulted in around €100 mln of divestments since the start of 2023, a figure set to grow to an estimated €160 mln by the end of the financial year.
For Alides, the prime office building will complement its existing real estate developments and investment ventures in the European district.
The company’s portfolio in the area includes the Copernicus which is let to the European Commission, and development projects such as the Montoyer 34 and Commerce 44.
JLL Belgium advised on the transaction.