European Commission HQ sold to private investors

The European Commission’s landmark Berlaymont Building has been sold by the Belgian government for a reported €640 million to BNP-Paribas Fortis bank and AG Insurance.

The Commission’s headquarters in Brussels’ Schuman area is the centerpiece of many EU institutions and EU-related organisations. Built in the 1960s to symbolise a unified Europe, the once-futuristic design, which saw a major facelift to bring it into the 21st century, was leased for 27 years to the Commission in 2004 for a whopping €553 million.

Now the banking and insurance giants will take the remaining 18 years off of the Commission’s hands, paying Belgium €636 million to take full management of the property. The Commission will have the opportunity to buy the building when the current agreement expires in 2031.

Belgium’s financial gain will help lower the state’s debt, getting it closer to the EU-mandated debt to GDP ratio.