Hannover Leasing has extended a lease of nearly 14,500 sqm with the European Commission that expires on 1 March 2022 for the top “Covent Garden” office complex it manages in Brussels.
Frankfurt/Pullach, 4 November 2021 – The Corestate subsidiary Hannover Leasing has extended a lease of nearly 14,500 sqm with the European Commission that expires on 1 March 2022 for the top “Covent Garden” office complex it manages in Brussels. In what is currently a challenging office market, the lease was concluded for a term until December 2028. The building complex, which was completed in 2008 and comprises a 26-story office tower and a nine-story office building, has more than 72,000 sqm of leasable space, including around 70,300 sqm for offices. It was acquired in 2014 as part of an institutional joint venture structured by Hannover Leasing, which has been managing it very successfully as asset manager ever since.
“Our institutional investors are always the focus of our activities. In this respect, we are pleased that we have been able to significantly stabilise this prominent property in the heart of Brussels for the coming years with our many years of asset management experience in a difficult market environment and under now significantly increased requirements of the European Commission for its rental properties. In addition, we have created good conditions for extending the other leases with the European Commission at Covent Garden, which are due to expire in the years to come. Negotiations on this are already underway,” said Michael Kitzing, Head of Asset Management at Hannover Leasing.
Located in the centre of Brussels, the “Covent Garden” property is located in the European Commission’s preferred North District just a few minutes’ walk from the Brussels Congress Center. Its unique location offers users all the advantages of office space in the city centre and excellent access to all forms of public transport. The complex is fully leased to European Commission institutions under separate leases with terms that vary.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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