Valesco Group’s €1.2 Billion Acquisition Of Tour Des Finances

Ashurst has advised the Valesco Group, the London headquartered European real estate investment and asset manager, backed by Meritz Securities, one of the largest South Korean institutional investors, on the acquisition of the Finance Tower, a skyscraper located in Brussels’ CBD for c.€1.2 billion, from Breevast and ZBG.

The landmark purchase represents the largest single asset acquisition in mainland Europe in recent years, behind Paris’ Coeur Défense, and the second largest single asset acquisition in mainland Europe ever.

The 142 metre tall Finance Tower is an iconic freehold Grade A building and the largest commercial office premises in Belgium, providing 185,754 sqm of space over 36 floors. Delivering an annualised rent roll of €59 million, the asset is let on a 15 year, indexed linked lease without breaks to the Régie des Bâtiments, a Belgian Government agency on behalf of the Ministries of Finance and Social Security. Circa 4,600 employees are based at the property, which also offers 712 parking spaces, an 850-seat restaurant and a 400-seat conference centre.

Ashurst fielded a cross practice and cross border team led by partner and global head of real estate capital markets David Jones (Picture) and real estate finance partner Sarah Watkinson, assisted by senior associates Stuart Blacklock, Jonathan Spencer, Francesca Downes and Neil Thomas. The Brussels team was led by partner David Du Pont, assisted by associates Jörg Heirman, Clément Dekemexhe and Yana Paulovich, and supported by real estate finance partner Arnaud Wtterwulghe, senior associate Bram Delmotte and associate Maxime Nuyts.

Involved fees earner: Stuart Blacklock – Ashurst; Clément Dekemexhe – Ashurst; Bram Delmotte – Ashurst; Francesca Downes – Ashurst; David du Pont – Ashurst; Jörg Heirman – Ashurst; David Jones – Ashurst; Maxime Nuyts – Ashurst; Yana Paulovich – Ashurst; Neil Thomas – Ashurst; Sarah Watkinson – Ashurst; Arnaud Wtterwulghe – Ashurst; Jonathan Spencer – Gunderson Dettmer;

Law Firms: Ashurst; Gunderson Dettmer;

Clients: Valesco Group;