Transactions - OCTOBER 6, 2015

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Chinese investor and partner sell stake in Belgium office

by Andrea Waitrovich

Beijing-based Gingko Tree Investment and Hannover Leasing have sold a 50 percent stake in a 775,008-square-foot office in Brussels to Finland-based Ilmarinen Mutual Pension Insurance Co. The property’s total value is estimated to be $334.4 million, making the sales price for the partial interest approximately $167 million.

The sellers acquired the Covent Garden North office property in 2014 for $325.6 million. It is 100 percent occupied by the European Commission under a lease ending in December 2023. The two-building complex includes a 350-space underground garage and 4,305 square feet of street retail space.

Gingko Tree serves as the investment arm of China’s State Administration of Foreign Exchange. At the time of purchase in 2014, it was the second-largest investment in Belgium of the year.

It was also the partnership’s second 50-50 purchase in the city of Brussels. Gingko and Hannover acquired the BelAir office complex in June 2

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