Korea Investment Management acquires Brussels buildings for $454m

Korea Investment Management Co. has obtained a 99-year leasehold for €370 million ($454 million) on two buildings in Brussels used as the headquarters of Belgium’s foreign ministry, according to Korean Investors.

Korea Investment, part of Korea Investment Holdings Co. Ltd., acquired the leasehold of Egmont I and Egmont II from Cofinimmo, Belgium’s second-biggest listed real estate investment trust company.

Major tenants are Federal Ministry of Foreign Affairs and Foreign Trade and Development Cooperation.

Commercial real estate investment in Belgium totaled €3.2 billion ($4 Billion) in 2017, with Brussels offices accounting for €1.46 billion ($1.8 billion), according to CBRE. During fourth quarter 2017, Brussels office investment amounted to €495 million ($610 million).

Domestic investors accounted for half of this, highlighting their belief in the Belgian economy.

However, two of the biggest deals of 2017 were made by Asian investors, the Hyundai Investments and Samsung Securities acquisition of North Light & Pole Star (60 percent) for €228 million ($281 million) and the South Korean Investor and Hana Asset Management acquisition of Mee.s 8 for €205 million ($253 million).