Finance Tower sold in Belgium’s most expensive ever real estate transaction

The civil servants that work for the Federal Finance Service have a new landlord. The South Korean investment company Meritz Securities and the British real estate investor Valesco have bought the Finance Tower in the centre of Brussels for 1.2 billion euro.

The building was sold to them by the Dutch real estate company Breevast and the investment company ZBG. They say that the value of the transaction is a Belgian record.

"The transaction that was completed on 17 January is the largest ever for a single building in Belgium”.

The Federal Finance Service has long-term tenancy of the building. The Social Security Service and a number of other public services also are (at least in part) housed in building that has a total of 200,000m² of office space. The building was constructed in 1982 and is 144 metres high.   

In 2001 the Federal Government sold the Finance Tower for 311 million euro. The new owners renovated it at a cost of 325 million euro. During the renovation a large quantity of asbestos was removed.