BNP Paribas Fortis has confirmed the sale of the historic headquarters of savings and pension group CGER (Caisse générale d'épargne et de retraite) in Brussels to Allfin Group in the city's largest real estate redevelopment transaction of the past five years. The companies agreed to keep the financial details confidential.

The office complex, nicknamed 'Cluster Chambon', consists of five buildings offering 75,000 m2 of total space ideally located in the heart of Brussels, near the Grand-Place. The property will remain occupied by some 2,000 employees of BNP Paribas Fortis until the end of 2012, after which it will be completely redeveloped.

Allfin Group, a Brussels-based development company, will convert the site into a mixed-use project, in agreement with the regional and municipal authorities.

Frédéric Van de Putte, CEO of BNP Paribas Real Estate's Belgian office which brokered the deal, said the project had drawn an exceptional level of interest among real estate developers. 'The competition between all potential buyers was indeed very high and all property developers active in Belgium and able to acquire such a large site were highly interested,' he told PropertyEU. 'The financial proposal made by Allfin Group coupled with its ability to make an offer without any conditions, taking the risk of such a re-development, were decisive,' Van de Putte added.

Although Allfin Group has just started its 'feasibility study' on the area, the complex is expected to be converted into a mixed-use area with offices, a hotel, as well as residential and commercial accomodation.