Stibbe has assisted the Dutch real estate company Breevast in the sale of the Finance Tower (Tour des Finances/Financietoren) to the Valesco Group, who acted on behalf of Korean institutional investors.
Click here to read the official press release distributed by Breevast.
This cross-border deal is the highest value single asset sale ever on the Belgian market. The Finance Tower has more than 193,000m² of office space divided over 36 above-ground floors. It is one of the tallest buildings in Belgium.
The Finance Tower was built by the Belgian government in 1982 and currently houses the Federal Public Finance Service, several cabinets of the Belgian Federal Government, and other public services. Following its acquisition by Breevast in 2001, Breevast substantially renovated the property, including the construction of a new building adjacent to the Finance Tower itself known as the Door building.
Stibbe is proud to have been Breevast’s legal counsel. We advised Breevast on the structuring and negotiation of this landmark sale, after having continuously assisted the client for many years on financing and other legal matters relating to the Finance Tower.
The multidisciplinary Stibbe team was led by real estate partner Matthias Maselis and banking and finance senior associate Pieter Nobels. They were assisted throughout the entire transaction by Wouter Ghijsels (Partner) and Egbert Wagelmans (Associate) on the financial law and real estate aspects, and by France Maussion (Partner) and Oliver Di Giacomo (Counsel), and Guan Schaiko (Senior Associate) on the planning and environmental aspects.
We also thank Breevast’s other advisors Loyens & Loeff and PwC Legal for the excellent collaboration throughout the entire process.