It’s one of Brussels’ most prominent real estate assets on the market and in conversations over the summer: the IT Tower is for sale. At the end of the first round of very private negotiations, four candidates had emerged from the pack to launch a renovation project on the 23,000 m2 building, built in 1972 and rising 102 metres above Cambre abbey (25 storeys above ground and five levels in the basement), which had already been framed by the current owner, AG Real Estate.
It was Whitewood from Antwerp that first took the lead and as such had the right to access the data room prepared by the vendor. But negotiations broke down during the summer on the final amount to be paid. AG Real Estate has therefore put its asset back on view and relaunched the process. Waiting in the wings is the developer Dwntwn, recently rejected (like Whitewood) in the redevelopment of the Proximus towers. In 2004, the Bank of Ireland bought the premises for €72 million.
Credit: Ground Up