Allianz Real Estate has entered into a joint venture with Belgian developer Codic to redevelop two neighbouring assets in Brussels into a single office complex.
Allianz, which is investing on behalf of several Allianz Group companies, said at the completion of the project, Codic will sell its stake in the joint venture to Allianz.
The Avenue Cortenbergh redevelopment project is due to be completed by early 2025. The new asset will offer more than 15,000sqm.
Vincent Wathelet, the head of Belgium and Luxembourg at Allianz Real Estate, said: “We focus on offering high-quality, sustainable, large office spaces to government institutions and large corporations present in Brussel’s EU district as we are aware of their need for buildings with such characteristics.
“In that sense, we have been able to recognise the opportunities available in the market and are fully prepared to capitalize on them as our interest is on resilient markets and core assets that provide attractive long-term returns for our investors.”
Christophe Jacobs, general manager at Codic Belgium, said: “When we acquired the smaller existing corner building we quickly understood the potential of a co-development alongside Allianz Real Estate. Both buildings are too small for a future office development considering that office standards within the EU district clearly demand larger office complexes offering more than 10,000sqm.
”Having an existing shared tenant on both buildings, we had a unique opportunity to create a brand new office workplace meeting the demands of new tenants.”
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