Immobel acquires 50% stake in Brussels' Multi Tower

Belgium's biggest listed developer Immobel has bought a 50% stake in the Multi Tower, a 45,000 m2 office property in the centre of Brussels.

Financial details were not disclosed.

The deal - for half of Brouckère Tower Invest, the company holding rights to the property on Place De Brouckère - was struck with US investment fund DW Partners.

Together with local real estate management firm Whitewood, Immobel will continue the renovation and commercialisation of the tower, which dates from the 1960s. Completion is planned for Q4 2021.

The project will comprise 19 above-ground floors and four underground levels, with flexible floorspaces, targeting a Breeam excellent rating. The architect is RDBM Conix and the contractor is Cordeel.

Immobel is also currently developing other schemes in the centre of Brussels, the mixed city centre projects De Brouckère (ex-Allianz building) and Centre Monnaie/Muntcentrum (home to bpost and the City of Brussels).

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