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PMV sells UP 36 to Allianz

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Brussels, 7th January 2014. At the end of December, the Flemish investment company, PMV, sold the UP 36 building to Allianz for approximately 27 million EUR. Cushman & Wakefield were PMV’s advisers for this year-end transaction. The tenant for the building is Flemish Community Education (GO!).

By transferring both the leasehold and the company (UP 36 N.V.) – holding the freehold – PMV sold the UP 36 building which was recently provisionally accepted to the Belgian subsidiary of the German insurance company, Allianz. Allianz is one of the world’s leading players in the insurance and financial services market. PMV is an independent investment company that invests in the sustainable development of Flanders. It also supports and finances the real estate policy of the Flemish government.

UP 36 – now also known as the “Huis van het GO!” – is situated at 36 Willebroekkaai, 1000 Brussels (CBD North Station). It has a total office space of 6,189 sq.m, 374 sq.m. of archive space and 31 parking spaces, spread over 11 levels (3 basement levels, 1 ground floor and 7 upper levels). UP 36 is situated in a strategic location that is easy to reach both by car and by public transport. It will accommodate the administrative offices of the Flemish Community Education department (previously housed in the Alhambra building), which has signed a 15-year lease.

‘We are delighted with this nice transaction, which shows that long-term leases continue to remain popular with insurance companies,’ says Marc-Antoine Buysschaert, who advised PMV. ‘UP 36 is part of Atenor’s UP-site redevelopment along the canal. This side of the North Station District is an up-and-coming area again and it is consequently no surprise to see that Allianz – which has an ambitious investment strategy – acquired this attractive investment opportunity. This makes them owner of one of the 4 offices on the Atenor site, together with Unizo and Ethias,’ concludes Marc-Antoine Buysschaert.