Brussels, April 15, 2016 – Colliers International’s Asset Management team in Belgium has advised Banco Santander on the sale of the Astro Tower in Brussels to a Korean fund represented by German Fund Manager Patrizia.
Astro Tower is a 36,000 sq m 31–storey building located on the inner ring road of Brussels and is currently undergoing renovation. Built in 1976, the tower was vacated by BNP Paribas Fortis Bank in 2011. The Colliers International Asset Management team in Belgium (CIAMB) has acted as property and commercial manager since mid-2012 and successfully won a public tender for the Ministry of Employment of the Brussels Capital Region in 2013. This tender resulted in the signature of a striking 26 year firm lease with this AAA rated public body in early 2014.
Prior to the sale, Colliers International had assisted Banco Santander in setting up the entire project team and starting up the renovation process aiming at making it the first office tower to match the very restrictive “Passive Energy Standard” applicable in the Brussels Capital Region as from 2015.
Fanny Meunier, Asset Manager, Colliers International Asset Management Belgium commented:
“Banco Santander trusted Colliers International Asset Management Belgium when implementing a unique sales approach that included contacting a very wide array of potential buy side consultants and advisors, each of which would come with a potential buyer. A sound competition organised by Colliers between these buyers, not only on pricing but also on project implementation expertise, allow Banco Santander to sell the project prior to completion at a record gross initial yield of less than 4.5 per cent. This transfers the development risk to Patrizia and their team of experienced professionals.”
Banco Santander has a second office tower in Brussels: the Victoria Regina Tower, a 22- storey 24.000 sq m for which Colliers International Asset Management is also in charge of the commercial and property management.