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News Release


Evans Randall sells Brussels' Convent Garden

Sale of fully let 70,000 sq m office complex represents second largest transaction in  Belgian market in 2014

Brussels, 23rd December 2014 –  Evans Randall, the privately-held UK investment banking and private equity group, has sold Covent Garden, the 70,000 sq m office complex in Brussels, Belgium, to Hannover Leasing, in partnership with a major Asian institutional investor.

Evans Randall was advised by JLL and Clifford Chance. Hannover Leasing and its partner were advised by DTZ, Loyens & Loeff and Linklaters.

Covent Garden is the main asset of the company "Immobilière Du Royal Rogier SCS" (IRR) which has been sold to Hannover Leasing and its partner.

The sale of the asset, which spans a 26-storey tower and 10-storey sub-tower at Place Charles Rogier in Brussels, represents the second largest single transaction in the Belgian market in 2014.

Evans Randall originally acquired the partially completed buildings in 2007 and funded the remaining construction works through to building completion. Evans Randall subsequently secured in excess of 50,000 sq m of lettings to the European Commission and its agencies, achieving 100% occupation when the remaining approximately 20,000 sq m was let in 2012, providing for an unexpired term through to 2032.

Kent Gardner, CEO of Evans Randall said:

"The positive pricing secured represents not only the quality of the asset, but our ability to navigate a challenging market. The low interest rate environment in Europe highlights the value of an extremely secure, long-term income stream, which we achieved with the European Commission occupation. Covent Garden is a great illustration of our strategy to deploy hands-on asset management in the short to medium term, preparing assets for sustainable long-term investment."

"We organized a tendering process for this office landmark property, attracting strong competition from national and international investors.  This resulted in the second largest transaction of 2014 showing the continued interest for core assets in the Brussels market." Said Jean-Philip Vroninks, Head of Capital Markets Belux at JLL.​