UniInstitutional European Real Estate Fund Buys Astro Tower in Brussels

Posted on 12/23/2021

Revealed on December 13, 2021, Union Investment has acquired the landmark office building Astro Tower in Brussels for its institutional real estate fund UniInstitutional European Real Estate. Constructed in 1976, Astro Tower is 107 meters in height. In 2015 and 2016, Astro Tower was refurbished.

The estimated sales price is between €230 million to €250 million.

Patrizia AG has sold the shares of the company owning Astro Tower. The seller is South Korea-based AIP Asset Management Co., Ltd. that held the property under Patrizia AG. AIP Asset Management was formerly known as FG Asset Management.

Savills has advised Patrizia on the sale of Astro Tower to Union Investment. Patrizia was also advised by Knight Frank, Clifford Chance, TA Europe and Eight Advisory.

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