Eaglestone signed an agreement with the real estate investment managers HIH Invest Real Estate for the acquisition of The Royal 138 building, which is currently being rented by the federal property management service, Régie des Bâtiments.
A historic district with a bright future
Benefitting from two addresses, Rue Royale and Rue de Ligne, the building is located in the heart of Brussels’ historic district, close to the Congress Column and the large, rapidly transforming former Cité Administrative (State Administrative Centre). This district has a strong cultural heritage and in the past was almost entirely dedicated to the (public) service sector, but has changed dramatically in recent years: homes have sprung up between the offices, as have a growing number of shops and restaurants.
The Royal 138 is centrally located, enjoying excellent access via public transport, with Brussels Central Station (Gare Centrale), metro stations and tram stops all within 500 m.
An ambitious project that aligns with the district’s regeneration
The current building was constructed in 1968 and has undergone several renovations since. It comprises 8,471 m² of office space, 552 m² of archives and 35 parking spaces, shared between 2 buildings.
Eaglestone aims to be part of the dynamic supported by the City of Brussels to revitalise one of the capital’s most famous districts and boost its assets through an ambitious redevelopment programme that contributes to the resurgence of Rue Royale. The Royal 138’s service function will be maintained in at least one part of the building, namely that which runs down Rue Royale. Different options are currently being explored to determine the function of the rest of the building along Rue de Ligne.
Through this acquisition, Eaglestone has underscored its confidence in the office market in central Brussels. The project, which aligns with the values of the group, will be of premium architectural quality. Its fundamental aim is to improve the quality and the functionality of the building’s interior, and it will be exemplary in terms of sustainable development and the comfort offered to the building’s users. The total investment, including all the construction work, will amount to approximately 50 million EUR. For the deal, the agency JLL advised the seller, and Urban Law provided legal advice to Eaglestone.
For more information on the group: http://www.eaglestone.group