The House of Representatives of Belgium and listed developer Immobel signed a sales agreement for the sale of the Forum complex project in Brussels on 18 December. The value of the transaction will amount to EUR 139 mln, subject to the granting of the required planning permits, according to Brussels-based Immobel.

CEO Gaëtan Piret said the sale was most probably the largest real estate sale made during 2009 in the Belgian real estate market.

The Forum is located in the area formed by the rue du Parliament, rue de la Croix de Fer, rue de la Presse and the rue de Louvain. The project, developed by Immobel, has a total above ground surface of 43,000 m2 and 12,000 m2 under ground.

It consists of three phases. Phase I, a new office building will be ready during the first quarter of 2010. Phase II, a new building , which includes offices to shell and core, which will be furbished directly by the House of Representatives and will be available in the first half of 2013. These two first buildings apply the most modern techniques, amongst others things, regarding sustainable development requirements.

The third phase concerns the delivery, which will occur after the removal of the asbestos in the building located rue de Louvain and rue du Parliament. This is planned for mid 2011.

Cushman & Wakefield advised Immobel in the transaction.