Under-Construction Office Tower in Brussels Sold Off

Ghelamco is said to be seeking €200 million (US$218 million) for the building, or a yield below 3.25 percent.

07 April 2020 | Brussels, Belgium

Belgian developer Ghelamco is in exclusive talks to sell the Silver Tower development in Brussels to a German fund, believed to be Deka Immobilien.

Ghelamco put the 40,000-square-meter office tower up for sale in late 2019 through agent CBRE. At a time when several European transactions, particularly in the retail space, are derailed due to the COVID-19 pandemic, experts say that the Silver Tower deal is regularly proceeding with the two parties holding exclusive negotiations.

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Ghelamco is said to be seeking €200 million (US$218 million) for the asset, or a yield below 3.25 percent, according to those who track the market.

The 30-story complex will be home to 2,000 officials of the Brussels-Capital Region, the political subdivisions of Belgium's central region upon completion later in 2020. It is understood that the level of rent in the building is extremely low.

If completed, it would be the second acquisition by Deka Immobilien in Brussels in a few months. In late 2019, Deka bought the Spectrum office building in the Belgian capital in a €105 million (US$114 million) deal.

For more on this story, go to PropertyEU.