Cofinimmo sells Brussels offices for €50m

Belgian REIT Cofinimmo has sold two office buildings in the decentralised area of Brussels for a total €50 mln.

The Souverain/Vorst 25 building, known as the former AXA building, and the nearby Souverain/Vorst 23 office building, have more than 57,000 m² of office space and have been vacant since the departure of AXA in August 2017.

The buyers are Cores Development, Foresite and Urbicoon, operating via one or more SPVs.

Cofinimmo said the sale price is higher than the last fair value of the properties, determined at the end of March.

The neighbouring ‘Tenreuken’ site is not part of the transaction.

Jean-Pierre Hanin, CEO of Cofinimmo, said: ‘This sale is a milestone in the development of our strategy in the office sector. This consists in improving the overall balance of the office portfolio by reducing the part invested in the decentralised area to the benefit of assets located in the Central Business District of Brussels.’

 

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