IN-DEPTH: AXA JV pays €475m for office building in Belgium

AXA Real Estate Investment Managers, with its joint venture partner ATP, has acquired the shares of the company owning the North Galaxy, a prime office building in Brussels, from Cofinimmo SA.

THE DEAL

The sales price was €475 million, or €420 per square foot ($658.8 million/$583 per square foot). Goldman Sachs represented the seller.

“This is a key transaction for AXA Real Estate this year, and it marks the beginning of [a] new and long-term partnership that we have been able to facilitate for our clients,” Pierre Vaquier, CEO at AXA Real Estate, said in a statement.

ATP will own 9