The Valesco Group has executed a €600 million ($623 million) refinancing for the iconic Finance Tower in Brussels, on behalf of JR Global REIT, South Korea’s largest independent REIT.
Finance Tower houses the Ministries of Finance and Social Security of the Belgian government, as well as the offices of various government ministers. The transaction, executed with the existing consortium of blue-chip lenders, is Europe’s largest office refinancing since the global pandemic, reflecting the asset and submarket’s compelling real estate fundamentals.
The 142-meter (466-foot) tall Finance Tower, situated in the central business district of Brussels, is the largest commercial office building in Belgium, providing 185,754 square meters (2 million square feet) of space over 36 floors. Delivering an annualized rent roll of €70 million ($73 million), the asset is let for more than 10 years on an indexed linked basis without breaks to the Régie des Bâtiments, the Belgia
