Press Release | Intelligent Investment
South Korean investment fund acquires the company owning North Galaxy towers in Brussels
May 12, 2022
CBRE, Eastdil Secured and Loyens & Loeff advise on the largest single asset transaction of the year in Belgium
CBRE Belgium’s Capital Markets team successfully advised and assisted the sale of Galaxy Properties SA/NV, owning as main asset the North Galaxy towers to a South Korean REIT represented by Knight Frank Investment Management. Given the lot size, this will be amongst the largest single asset transactions this year in Europe.
North Galaxy consists of three buildings totaling 105,000 m² of office GLA above ground, among which the twin 27-storey towers that are amongst the tallest buildings in Belgium. The office complex is located along the Boulevard Roi Albert II, right next to Brussels North railway station, the busiest station of the Kingdom.
The buildings are the headquarters of the Belgian Ministry of Finance since the completion of the construction works in 2004. Following a federal plan, North Galaxy will also house in the near future the satellite services of the Belgian Ministry of Finance, currently located in another building in Brussels. The tenant is committed to a long-term lease and has expressed his wish to invest in the property in order to fit out the premises according to the new ways of working, allowing for an optimized use of this strategically located asset.
Brussels’ North District is currently undergoing a number of urban planning and mixed-use developments, contributing to the revitalization of this part of the Central Business District.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
In Belgium, 500 employees operate from our offices in Brussels, Antwerp and Diegem.