BRUSSELS—AXA Real Estate Investment Manager has agreed, together with ATP, Denmark's largest pension fund and AXA Belgium, on the acquisition of the shares of the company owning the “North Galaxy” prime office building in Brussels from Cofinimmo SA, reflecting a value for the property of $651 million (€475M).

The transaction has been made by AXA Real Estate on behalf of a newly created joint venture between AXA Belgium and ATP. Under the terms of the transaction, the building will be managed by AXA Real Estate thanks to its strong local asset management team. The JV is a 90:10 split between ATP and AXA Belgium

The 151,000 m² core asset includes 105,000 m² of office space set out across two 28-floor towers and a smaller six-floor tower. This office space is fully let to the Belgian Building Agency as headquarters of the Ministry of Finance with a long-term lease. The building also incorporates over 400 m² of commercial space, providing a food store, a bank branch and over 600 car parking spaces.