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Brussels

Jones Lang LaSalle advises Hannover Leasing and its Asian partner in the acquisition of the shares in RAC 1


 Nederlandstalige versie - Version Française

Brussels , 11 June 2013 - Jones Lang LaSAlle advises Hannover Leasing and its Asian partner in the acquisition of the shares in RAC 1

BREEVAST AND IMMOBEL sell their participation in RAC 1 S.A., the company owning the first phase of the Belair project.
 
HANNOVER LEASING has purchased, together with a major Asian institutional investor, 100 % of the shares in RAC 1, the joint venture company incorporated by BREEVAST (60 %) and IMMOBEL (40 %) that has been active in the development, the constructions and the letting of the 80,000 sqm Belair project.
 
HANNOVER LEASING, an international investor and one of the leading providers of tangible assets in Germany has acquired, together with a major Asian institutional investor, 100 % of the shares in RAC 1, a company whose main activity is the development, the construction and the letting of the Belair project, from BREEVAST Group (60 %) and IMMOBEL (40 %). The effective transfer of ownership of the RAC 1 shares remains subject to provisional acceptance of the building (foreseen in December 2013).
The main activity of RAC 1 is the development, the construction and the operation of the largest component of the redevelopment of the former Federal Administrative Centre, which is located in the heart of Brussels’ CBD between the prestigious Rue Royale and the Boulevard Pacheco. On its completion in December 2013, the landmark Belair project owned by RAC 1 will total approximately 80,000 sqm providing 65,000 sqm of office space, 14,000 sqm of underground archives and multifunctional space as well as 681 parking units. The Belair project also benefits from state-of-the-art technical specifications and holds a BREEAM “very good”.
 
In 2010, Belgium’s Federal Police agreed terms on a 55,000 sqm, 18-year lease for the Belair project, which will serve as its national headquarters. An additional 10,000 sqm was added to the lease in 2012. The site will also house a fire department and some retail space.
 
The original Federal Administrative Centre (RAC/CAE) was built between 1958 and 1985 and served as the nation’s principal administrative offices. Designed by a collective of the greatest Belgian architects of the modernist era, the Federal Administrative Centre is characterised by its long, low-rise shape, and the spectacular panoramic view it offers of the surrounding area.
BREEVAST and IMMOBEL have been redeveloping the complex since 2003. When the second phase, with estimated completion in 2016, will be finalised, the site will offer 150,000 sqm of which amongst others 43,000 sqm of housing, 5,000 sqm of retail and 19,000 sqm of public space including a school and a nursery.