Samsung offers €380m for Brussels office building

South Korean electronics giant Samsung has made an offer worth €380 million for a building in Brussels that currently houses 2,000 Engie Electrabel employees. The bid is one of the largest property deals ever in the country.

The 14-storey building on Boulevard Simon Bolivar near North Station is owned by Belfius Insurance and AG Insurance, and houses Electrabel and a number of subsidiaries of the French energy group Engie.

The owners previously told Electrabel that they were intending to sell and allowed Electrabel to exercise its priority option to buy. Electrabel decided not to take up its option, saying that property ownership is no longer a company priority. Under a long-term rental contract, Electrabel’s occupancy of the 75,000-square metre building is not at risk.

The bid, constructed in two parts in 2011 and 2014, was reported by South Korean financial media, according to De Tijd. The financing comes from Samsung Life Insurance and property division Samsung SRA Asset Management. The high price suggested is a result of the building’s age, its top location and its guaranteed occupant, with a 20-year rental contract. The building is also energy efficient, with triple glazing, solar panels and geothermal heating.

Photo courtesy Idzifpro