Munich, 24 December 2021 – The landmark, 30-storey office building ‘Astro Tower’ has a new owner: Union Investment bought the iconic property for its institutional real estate fund ‘UniInstitutional European Real Estate’ from PATRIZIA. The parties agreed not to disclose the purchase price.
The office building is strategically located on the inner ring road at the intersection of the three main districts in the business centre of the Belgian capital with very good public transport connections.
The ‘Astro Tower’ was the third tallest skyscraper in Belgium at the time of construction in 1976. Since then, this iconic tower has been shaping the skyline of Brussels. The building was fully refurbished and modernized in 2014-16, fitted out with state-of-the-art office and ancillary spaces, providing a total lettable area of approx. 37,900 sqm. Through replacing and upgrading the façade constructions, the building has got a fresh new look with its dominating vertical patterns. Furthermore, the reconstruction also targeted considerable upgrades to the energy efficiency of the building to achieve best standards.
TA Europe is pleased to have supported this deal with technical due diligence services as part of the team advising the vendor PATRIZIA. The services carried out by the TA Europe team also comprised an ESG assessment, which was carried out by our strategic partner Tauw. We also appreciate the cooperation with the legal advisor of the client, Clifford Chance LLP.
Péter, Rózsa M.Sc., LEED Green Associate and Senior Consultant at TA Europe, commented: “Supporting our client PATRIZIA with our technical advice for this landmark building has been a unique experience. The excellent interdisciplinary cooperation, together with the smooth and transparent information exchange among the project participants, has facilitated a profound evaluation in a constructive atmosphere and thus the professional support for our client. As project leader of the technical due diligence for the ‘Astro Tower’, I feel particularly honoured for the opportunity to assess such a demanding and technically interesting project as well as for working together with my esteemed colleagues in the team.”
TA Europe is working for PATRIZIA on a regular basis, supporting them recently with the sale of the ‘Touchdown’ portfolio comprising twelve retail parks, and a logistics site in Werl.
