North Galaxy changes hands in mega-deal.

Tim Harrup

As the North District continues with its transformation and mutation towards a more mixed use zone, a transaction has been announced which represents the largest deal of the year so far in Brussels, and which is likely to be one of the largest in Europe this year. This information comes from real estate advisor CBRE who have acted in the sale of the North Galaxy towers, via the owning company Galaxy Properties SA, to a South Korean REIT (represented by Knight Frank Investment Management). The transaction price is estimated to be in excess of 600 million Euros.

North Galaxy consists of three buildings totalling 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, just in front of Brussels North railway station, a multi-modal transport hub and the busiest railway station of the country.

The buildings have been the headquarters of the Belgian Ministry of Finance since the completion of the construction works in 2004. In line with the latest federal strategy, 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. Among these, notably, is the total redesign of the neighbouring former World Trade Centre buildings 1 and 2 into a mix of offices and hotel.