BayernLB and MünchenerHyp are providing €79 million in a club deal to finance the PwC Campus near Brussels Airport for Lanesbrook Real Estate.
Last month Ghelamco Group, advised by Cushman & Wakefield, sold the PwC Campus for €131.7m to Saudi Arabian company Riyad Capital which had appointed Dubai-based Lanesbrook as advisor for what was its first acquisition in Europe.
The Assar Architects designed 11-storey office building, which has over 30,000 sq m of office space is 75% let to professional services firm PwC Belgium on a 15-year lease, with MeetDistrict, the boutique co-working provider, occupying the remaining space.
The building has both BREEAM “Excellent” and BEN certification. The fit-out features the latest SMART building applications such as energy monitoring, remote management and an extensive sensor network.
Club deal part of strategy to ‘finance progress’
“We are pleased to further expand our international customer base with this club deal. With the state-of-the-art network and energy efficiency in the building, this is one of the most recent examples of our strategy to ‘finance progress’,” said Gunnar Rüffer, responsible for international real estate customers at BayernLB.
“Despite challenging times we have jointly closed a highly interesting club deal for an international client. For us, this is the next leap for our growth strategy in international financings in the European markets where we are active,” said Nicole Jürgensen, head of commercial real estate finance international clients at MünchenerHyp.
Riyad Capital is the investment arm, and a 100% owned subsidiary, of Riyad Bank, the largest financial institution in-terms of capital in Saudi Arabia.
Located to the North-East of the Brussels-Capital Region in the Airport business district, the PwC campus is close to the city’s ring road and lies alongside the train line between Brussels North and Brussels Airport stations,
At the time of the purchase Naseer Aka, managing partner at Lanesbrook, commented: “The acquisition validates our belief that quality assets with secure income profiles will continue to attract institutional capital and will offer a hedge against the types of risks encountered in 2020.”