Amsterdam/Brussels, March 10, 2014 - Real estate developer and investor Breevast has completed the sale of the first phase of the RAC - BELAIR project. Today the shares in RAC 1 N.V., the entity owning this part of the RAC - BELAIR development, were transferred by Breevast (60%) and its partner Immobel (40%) to Hannover Leasing and a Asian institutional investor. With a transaction value of approximately EUR 310 million, this is the largest single asset transaction in recent years in the Benelux.
The first phase of the RAC - BELAIR involved the redevelopment of 80,000 square meters, which is leased by the Regie der Gebouwen (Federal Belgium govenment) for the purpose of housing the Federal Police and based on a long-term lease of 18 years. To this end, the existing buildings on the site were completely redeveloped as from 2011 to the end of 2013 in accordance with the BREEAM criteria. The project features state-of-the-art technical specifications and features a BREEAM 'very good' certificate. In addition to the Federal Police, the development also houses a fire department and commercial space.
In June 2013, Breevast and Immobel signed the sale and purchase agreement with Hannover Leasing, a leading German international investor, and a major Asian institutional investor. After redevelopment, the building was delivered to respectively the Regie der Gebouwen and the buyers at December 30, 2013. The transfer of ownership has taken place today.
The first phase of project RAC - BELAIR ( 80,000 m2) is part of the overall redevelopment of the RAC - BELAIR site of approximately 150,000 square meters and a parking garage with at least 1,300 places. Phases 2, 3 and 4 of the redevelopment of the RAC - BELAIR site consist of an ambitious program to include residential, retail and public functions of about 72,000 square meters within the striking redevelopment of this district in the center of Brussels. Important guidelines such as mobility, sustainability and mixed use are key elements in this redevelopment. Breevast also owns the adjacent Finance Tower of approximately 200,000 m2.