Transactions - MARCH 2, 2016

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Korean consortium buys office tower in Brussels

by Andrea Waitrovich

PATRIZIA Immobilien AG has exchanged contracts for Astro Tower in Brussels on behalf of a South Korean consortium via its subsidiary PATRIZIA France. The parties agreed not to disclose the selling price.

The Astro Tower is located in the city’s central business district in the immediate vicinity of the European District.

The Astro Tower, built in 1976, is a 33-story office building with 388,000 square feet of built-up area. The tower also includes five levels of underground space, comprising car parking and an archive area. 

Hill International received a contract from PATRIZIA France to renovate the property. The planned €107 million ($116 million) renovation entails curtain wall cladding, MEP services, elevator improvements, architectural finishings and tenant fit-out work. The project is expected to be completed by October 2016.

Asian investors are increasingly seeking to invest globally in order to diversify their portfolio

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