Ghelamco in exclusive talks with German fund on €200m Brussels tower

Belgian developer Ghelamco is in exclusive talks to sell the Silver Tower development in Brussels to a German fund, believed to be Deka Immobilien.

Ghelamco put the 40,000-m2 office tower up for sale in late 2019 through agent CBRE. At a time when several European transactions particularly in the retail space are derailed due to the coronavirus pandemic, experts say that the Silver Tower deal is regularly proceeding with the two parties holding exclusive negotiations.

Ghelamco is said to be seeking €200 mln for the asset, or a yield below 3.25%, according to those who track the market.

The 32-storey complex will be home to 2,000 officials of the Brussels-Capital Region, the political subdivisions of Belgium’s central region upon completion later this year. It is understood that the level of rent in the building is extremely low.

If completed, it would be the second acquisition by Deka Immobilien in Brussels in a few months. Late last year Deka bought the Spectrum office building in the Belgian capital in a €105 mln deal with Deka.

All parties declined to comment.