Belgian Embassy Sale in Tokyo – November 2006
Deloitte Real Estate Corporate Finance was appointed by the Ministry of Foreign Affairs as real estate financial advisor in relation with the sale of land part of the Belgian embassy compound in central Tokyo.
These 6.500 m² of land adjacent to the new Belgian embassy project in Tokyo were successfully sold for 419,6 million EUR to the Mitsubishi - Takenaka consortium. Seven consortia had applied for the operation.
The Council of Ministers had decided on February 24, 2006 on a real estate transaction whereby the investor-developer would have the opportunity to develop commercial real estate space, under the double condition to design and build a prestigious new embassy property on a piece of land that will remain owned by Belgium and to take charge of the move and temporary rehousing of the diplomatic personnel during the works.
The new nine-storey embassy designed by the Japanese architect Okabe will cost about 24 million EUR, and will accommodate the Belgian federal embassy together with the regions’ representatives, as well as the residential units of the diplomats and some local personnel. Demolition of the existing building is expected to start late 2007. The model of the new embassy was presented at the Egmont's Palace during a press conference on Thursday, December 14, 2006 by Mr. Karel De Gucht, Minister of Foreign Affairs, and Mr. Akira Hayashi, Ambassador of Japan.
The team of experts selected to assist the Foreign Ministry in editing the tender, analyzing the offers and assisting in the negotiations was made of Deloitte Real Estate (financial and real-estate advice) together with Stibbe lawfirm (legal advice) and Jaspers-Eyers & Partners (technical advice).
This single real estate transaction was one of the largest ever by the Belgian State.