United States of America completes purchase of Cours Saint-Michel redevelopment site from Immobel, Besix Red

The US government has completed the purchase of the former ING building complex in Etterbeek, Brussels, from developers following Congressional approval.

In a statement, the US said it had concluded the purchase agreement with Immobel, Belgium’s largest listed developer, and Besix Real Estate Development, for the Cours Saint-Michel project.

The site to be redeveloped is for the US Embassy to the Kingdom of Belgium and the United States Mission to the European Union.

The US government said it needed a new site in large part due to the expansion of bilateral and multilateral diplomatic relations as its two missions are working more closely than ever with ‘Belgian and European partners on a broad range of issues'.

US Ambassador to Belgium, Michael Adler, said: ‘We look forward to the next stages of the project, which will provide us a safe, secure, sustainable, and modern workplace. We also look forward to working with key Belgian officials and engaging with our future neighbours in Etterbeek as we bring this vision to life.’

US Ambassador to the European Union, Mark Gitenstein, added: ‘This project is a reflection of our enduring transatlantic ties, which are stronger than ever, and the new facilities will provide a sustainable and resilient platform for robust US diplomatic engagement with the European Union.’

‘Considering the diplomatic interests at stake, this has been a very transparent process, pursued through a constructive and positive collaboration,’ said Adel Yahia, MD of Immobel Belgium and Gabriel Uzgen, CEO of Besix. 

‘The recent approval given by the United States Congress has led to the closing of the sale, paving the way for the development of this important new location for the US diplomatic presence in Brussels.'

Immobel and Bexix acquired the Cours Saint-Michel site in December 2018 after a sale and leaseback deal with ING.


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