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Samsung Securities to acquire W500b building in Belgium

PUBLISHED : July 14, 2017 - 16:16

UPDATED : July 14, 2017 - 16:16

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[THE INVESTOR] Samsung Securities is on the verge of acquiring an office building in Brussels, Belgium, for about 500 billion won (US$440.91 million), according to the Maeil Buisness News on July 14.

A consortium of Samsung Securities and Hyundai Asset Management was selected as the preferred bidder for the building that is currently being occupied by Electrabel, an energy corporation and subsidiary of the French private electric utility provider Engie. The due diligence will be conducted soon and the sale is expected to be completed by end-August.

The total purchasing price is estimated to reach 494 billion won. Samsung Securities plans to invest about 180 billion won through a blind fund it has created and finance the remaining through local financial institutions. The building is expected to generate a stable revenue stream as the tenant is a global enterprise with high-grade credit rating.

Engie, a provider of natural gas and electricity in France, is involved in many power and gas projects around the world including Europe, North America, South America, Middle East, Asia and Africa. In particular, the company is widely recognized as a pioneer in Europe’s nuclear energy market as it is in charge of developing Belgium’s first pressurized water reactor. Through its subsidiary Electrabel, Engie owns and runs seven reactors in Belgium.

The Electrabel headquarters building was built in two phases -- 2011 and 2014. The 77,000-square-meter building with two underground floors is made up of two 14-storied towers. Electrabel currently occupies the whole building.

By Alex Lee (alexlee@heraldcorp.com)

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