PATRIZIA buys iconic Louise Tower in Brussels

PATRIZIA AG has acquired the iconic Louise Tower in Brussels as part of a portfolio of six office buildings and one retail asset, by purchasing Athora Real Estate Investments B.V., from Athora Belgium S.A., for €190 million ($210 million).

Louise Tower, on Avenue Louise, in central Brussels, was originally constructed in 1966. Located in one of the prime commercial areas of the Belgian capital, the tower provides office and ancillary retail accommodation. Pending planning approval, the 30,000-square-meter (323,000-square-foot) Louise Tower is earmarked for a major redevelopment led by PATRIZIA’s pan-European development team. The redevelopment of the 25-story building is expected to be completed by the end of 2022. The work will include a complete replacement of the façade, and all mechanical and electrical equipment.

Upon completion of the work, the class A tower will be optimal from an energy performance perspective with its BREEAM excellent rating, as well