Club deal consisting of Allianz, Legal & General, SMBC and BayernLB backs the acquisition of iconic Brussels tower with a EUR 723.9m loan

Munich, Brussels, 01/22/2020

Allianz Real Estate, on behalf of several Allianz group insurance companies, Legal & General, Sumitomo Mitsui Banking Corporation and BayernLB have provided a EUR 723.9 million loan to European Investment Manager The Valesco Group backed by Meritz Financial Group, to support its EUR 1.2 billion acquisition of the Finance Tower in Brussels. 

The asset is a landmark office building – the largest in Belgium – is located in Brussels’ historical centre and is fully leased to the Belgian Government’s Buildings Agency until 2034. The building was fully refurbished in 2009 and offers approximately 186,000 sqm of office and storage space.

Roland Fuchs, Head of European Debt for Allianz Real Estate, commented: “With a 50% stake, this transaction represents an extraordinary opportunity to invest in an iconic asset. Our focus on prime in terms of asset, location and sponsors is perfectly addressed thanks to our newly established relationship with The Valesco Group and Meritz. Overall, this transaction ensures our prime-oriented pan-European debt platform continues to deliver real value for our investors.” 

Nicholas Bamber, Head of Private Credit, LGIM Real Assets, said: “Finance Tower is a landmark transaction for Legal & General as our first European Real Estate Debt investment.  We are delighted to support The Valesco Group and Meritz on the acquisition of this prime office asset which is in line with our strategy for selective expansion into core European jurisdictions as well as the US. This will add diversity to our portfolio of investments backing our pension commitments.”

Robert Carney, Head of EMEA Real Estate Finance for SMBC Group, stated: “We are delighted to have closed this important financing transaction which demonstrates our commitment to supporting customer investment objectives in prime European real estate across core markets and a further geographic expansion of our lending platform.”

Mark Greenland, Head of International Real Estate for BayernLB in London, stated: “We are very pleased to have had the opportunity to further expand our relationship and provide support to The Valesco Group and Meritz in their acquisition of this landmark property. The transaction highlights our capability to support our international clients investing in core European markets.” 

Shiraz Jiwa, Founder and CEO of The Valesco Group, commented: “We are delighted to be partnering with this dynamic and exemplary club of lenders comprising Allianz, LGIM, SMBC and BayernLB on our acquisition of the iconic Finance Tower. We enjoy a shared vision with the club in delivering value and strong risk adjusted returns to all stakeholders. The acquisition continues our strong commitment to the European market in which we have invested EUR 2 billion over the last 20 months alone.”  

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Phillip Lee
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