• Sale of part of RAC-BELAIR Project (13,200 m2) in Brussels by Breevast and Immobel

    Amsterdam/Brussels, December 6, 2016 – Together with its partner Immobel, real estate developer and investor Breevast has completed the sale and transfer of part of the RAC-BELAIR project located in Brussels. The shares in RAC 2 N.V., the owner of the ‘Belair’ building, were transferred by shareholders Breevast (60%) and Immobel (40%) to the German investor REAL I.S. SMART. The underlying value of the property amounts to EUR 59M.

    Last July, an eighteen-year lease for the entire ‘Belair’ building Brussels was concluded with the Hoofdstedelijk Gewest (Brussels Capital Region). The office building, consisting of 9,500 m² office space, 3,700 m² archive space as well as 35 parking spaces, will be deployed part for part. As from the beginning of 2018 the building will house the new ‘Veiligheids’-hoofdkwartier (Safety Headquarters), consisting of the newly founded department Brussels Preventie & Veiligheid (Prevention & Safety, BPS) and several other related regional departments. The building has been awarded the BREEAM certificate ‘very good’.

    Last month, Breevast also divested its 60% interest in the residential part of the RAC-BELAIR Project to Belgian property developers Skyline en Group Minerva. The sale concerned the transfer of all the shares held by Breevast in the development comprising approximately 45,000 m2 apartments, 5,000 m2 retail, school facilities comprising circa 7,500 m2  as well as over 600 parking spaces. Co-shareholder Immobel (40%) did not dispose of its interest.

    Both the ‘Belair’ building and the residential section of the RAC-BELAIR Project form part of the comprehensive transformation of the former Rijksadministratief Centrum (RAC, State Administrative Centre), located strategically in the heart of the Belgian capital known as the Vijfhoek (‘Pentagon’). In total, the (re)development of the RAC-BELAIR site covers approximately 150,000 square meter and a parking garage consisting of 1,300 parking spaces minimum. Central to the transformation have been important guidelines like mobility, sustainability and mixing of functions.

    Adjacent to the RAC-BELAIR the Finance Tower is situated, an office building which is also owned by Breevast. The Finance Tower, comprising approximately 200,000 m2,  has been leased out to the Regie der Gebouwen (Buildings Agency) until 2035.