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Ghelamco sells its Silver Tower at the North Station for 200 million euros to the German fund Deka Immobilien. Note earlier, a sharper price was paid in Brussels.
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The sales of the Silver Tower are not the largest transaction on the Brussels market. The larger Finance Tower was sold earlier this year for 1.3 billion euros.
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The big funds are eager to invest in projects.
Paul Gheysens
CEO Ghelamco
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The German buyer, Deka Immobilien, is prepared to accept an unusually sharp return. At 3.25 percent, this is perhaps the best deal ever for offices in Brussels. A few years ago, 4 percent was the record in Brussels. A sharper return means that the buyer has to wait longer before he has earned back the investment with his rent.
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Eager funds
The Silver Tower has 40,000 square meters of office space and is 137 meters high. It has been leased to the Brussels administration and will be delivered in October. The rental period is 18 years and can be extended by 18 years.
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“The deal is complete”, but the closing has yet to be officialized, “Paul Gheysens confirms to De Tijd. He does not want to comment on the financial conditions that De Tijd learned. ‘It is a positive signal to the market: the large funds are eager to invest. They want new projects that are rented out in the long term. ‘
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Observers are especially surprised that the returns have been as sharp as expected before the corona crisis. Ghelamco took over the land from AG Real Estate 18 months ago after years of unsuccessfully looking for a customer.
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