HSH Nordbank to finance Evans Randall’s EUR 240 million office investment in Brussels
Hamburg/Kiel, January 16, 2008 - HSH Nordbank AG will finance purchase of the “Covent Garden” office complex in Brussels by London-based Randall Investment Management Ltd. The finance volume amounts to about EUR 240 million.
The complex, which consists of parts of two buildings with about 14,700 and 57,500 square meters of space, is a new construction project that is to be completely finished by the end of January 2008. Office usage will account for the bulk of the total space of 72,000 square meters, with about 500 square meters available for retail outlets and other uses. The underground garage belonging to the property provides about 350 parking spaces.
The property is situated in a prime location in Quartier Nord, on the periphery of Brussels’ Central Business District. The immediate neighborhood includes the renowned Rue Neuve shopping street; Brussels North train station is about 300 meters away. Belgian government offices as well as several well-known companies, such as Fortis and Dexia, have located near the facility.
Building part A with about 20 percent of the total space has been leased to the European Commission for 15 years; the space in building part B is currently being marketed.
“Based on the inquiries we are currently receiving and the negotiations that are underway, we expect to be able to lease the remaining space soon and on good market terms,” said Claudio Lagemann, Global Head of Real Estate at HSH Nordbank. “It is unlikely that another office property of similar size will come onto the market in Brussels in the next two years. For this reason, and also because of the attractive location, “Covent Garden” is appealing especially to office tenants requiring a lot of space.”
HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 206 billion. Some 4,700 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate.
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