Sale & Rent-Back transaction
Deloitte has been selected as an exclusive consultant to the Belgian State Buildings Agency for real estate disposal operations relating to office complexes owned by the Federal Government:
- Tour des Finances – Brussels (2001)
- Rue des Palais – Brussels (2001)
- Cité Administrative de l’État – Brussels (2002-2003)
- Tour Albert – Charleroi (2002)
- Centre Administrative de l’État – Ghent (2002-2003)
- Egmont complex (Ministry of Foreign Affairs)– Brussels (2004)
The aim of our mission was firstly to support the Buildings Agency during the sales document preparation phase and secondly to optimise these real estate transactions, on behalf of the State, by means of a detailed, systematic analysis of all the offers received. This included both a quantitative and qualitative analysis while paying particular attention to the risk profile of the potential investors and the quality of the proposed guarantees.
The complexity of the transactions was due to 3 steps being combined in one single arrangement: sale/renovation by owner/rent back. This engagement further included assistance with the negotiations to improve the results of the transactions for the State. Transferring the Tour des Finances was the most important real estate asset transaction for Belgium in 2001.
During the final phase, the Real Estate experts of Deloitte also assisted the State departments in the preparation of the main legal documents used as a basis for the various transactions (sales deeds and leasing contracts).
The 174 mio € May 2004 transaction on the Egmont complex was the largest single asset transaction in Belgium in 2004. It related to both the Egmont 1 property – the existing complex housing the Ministry of Foreign Affairs – as well as the land earmarked for the erection of the Egmont 2 extension building, together with the related permits and the contractual development commitment with the State