HOME      NEWS           AGENDA           LIBRARY           NETWORK           PROJECTS           NEWSLETTER           ABOUT US     

COFINNIMMO sells Egmont complex to a South Korean financial institution

Cofinimmo has announced that it has signed a private agreement with Egmont Luxembourg SARL, by which the latter is granted, under certain conditions in line with market practices, a 99-year leasehold on the Egmont I and II office buildings, located in Brussels. Egmont Luxembourg SARL is an investment vehicle set up by a South Korean financial institution.

The Egmont I (36,616 m²) and Egmont II (16,262 m²) office buildings, located in Brussels’ Central Business District, were built in 1997 and in 2006 respectively to house the Belgian Ministry of Foreign Affairs, Foreign Trade and Cooperation Development. Cofinimmo acquired the Egmont I building in 2004 and built the Egmont II building in 2005-2006. It signed a lease with the Buildings Agency (Régie des Bâtiments) for the letting of the entire office complex, maturing on 31.05.2031. In 2009, it sold 96 % of the future rents from the lease with the Buildings Agency to BNP Paribas Fortis (then named Fortis Banque/Bank). Cofinimmo bought back the future rents from the lease with the Buildings Agency that it had sold to BNP Paribas Fortis in 2009.

The leasehold is granted in exchange of the payment to Cofinimmo at the signature of the deed of a first fee of 369.54 million EUR (i.e. close to 7,000 EUR/aboveground m²), excluding registration rights, a figure above the fair value of the assets on Cofinimmo’s balance sheet at 31.12.2017, plus the price paid to buy back the lease receivables. The current rent stands at 16.7 million EUR. The first fee thus corresponds to a gross rental yield of 4.52 %. Taking into account the estimated rental value of the assets as determined by an independent real estate expert, the gross rental yield stands at 3.30 %.

| 14/02/2018

share:    facebook  twitter 

News in short
Antwerp looks to the future | 20/3
Manufacturing must be in the mix - citydev | 19/3
Mipim Awards for Antwerp and Brussels | 16/3
MediaPark in the spotlight at Mipim | 16/3
Charleroi in major regeneration | 14/3
Atenor emphasises 'political will and means' | 13/3
Forward-looking Mipim opens | 13/3
First quarter low on take-up, high on investment | 12/3
'The One' kicks off P.U.L. with a major letting | 9/3
SECO - focus on quality from new CEO | 8/3
Major residential conversion on Bld. de la Woluwe | 7/3
The ILÔT SACRÉ in Brussels city centre competing in the ' Best Residential Development' category | 6/3
Hospital AZ Zeno in Knokke competing in the 'Best Healthcare development' category | 6/3
REALTY has become THE meeting place for the Belgian real estate industry | 6/3
Boldness and imagination for MIPIM 2018's opening next week | 6/3
OVG REAL ESTATE, creator of the Edge in Amsterdam, is to develop new generation of Smart Buildings | 6/3
Trinova enters Belgium with Besix HQ acquisition | 5/3
'Riva' connects T&T to the city | 2/3
H.I.B. reports increased portfolio and figures | 28/2
Realty looking to the future | 26/2
Arcadis continuing to expand | 22/2
With 'The Royal', BURCO GROUP and GALIKA DEVELOPMENT bring more life back to Brussels city centre | 21/2
Trio changes hands | 20/2
Senior appointments at CBRE | 19/2
Towards uniform valuations | 15/2
COFINNIMMO sells Egmont complex to a South Korean financial institution | 14/2
New chief at Cofinimmo | 9/2
Major E 313 logistics transaction | 8/2
Eric van Dyck back at Cushman | 7/2
Favourable opinion for Biestebroeck | 6/2
Record entries for Belfius Smart Belgium Awards | 2/2
National stadium gets a 'No go' | 31/1
Four Belgian finalists at Mipim Awards | 30/1
Another good year for logistics - JLL | 26/1
Woluwe sale raises the bar | 24/1
Architecture as Culture | 23/1
Major Genappe project gets green light | 18/1
'Child prodigy' to speak at Mipim opening | 17/1
Quares to expand portfolio of student flats | 15/1
New care home contract in Middelkerke | 12/1