Amsterdam/Brussel, 16 December, 2010 – Real estate developer en investor Breevast has been given green light to finalize one of the biggest lease contracts in Belgium in years.
On 15th December, the Council of Ministers of the Belgian federal government has approved the lease of 65,000 Sqm to the Belgian Buildings Agency for the benefits of the federal police. They will centralize a substantial number of their services on the former RAC site in Brussels, previously in use as the Federal Administration Centre. The RAC project, located next to the Finance Tower in the centre of Brussels, is a development of Breevast (60%) and Immobel (40%) and will be substantially and sustainably redeveloped for the benefit of the federal police. Breevast is also the owner of the Finance Tower; this building of circa 200,000 Sqm was redeveloped recently for the benefit of the housing of a number of services of the Belgian government on based on a long -term lease contract till 2034.
The first phase of the RAC project concerns the complete development of the 65,000 Sqm of office space, which will be leased to the federal police on the basis of a long term contract of 18 years. Breevast and Immobel have construction permits for this first phase. They are now undertaking the last demolition works. Normally, the rebuilding works will start in the first quarter of 2011. This first phase of the RACproject is expected to be delivered in mid 2013. The first phase of the development of 65,000 Sqm is part of the complete redevelopment of the RAC-BELAIR site of approximately 150.000 Sqm. The project will be redeveloped on a sustainable basis according to the BREEAM standards for sustainability.