MEAG, the asset management arm of insurer Munich Re, has acquired the City Center office building in Belgium’s capital from AG Insurance’s real estate arm.
MEAG has invested an unspecified amount on behalf of a real estate fund to buy AGRE Office Invest II, the vehicle that holds the 31,000sqm building in Brussels, from AG Real Estate.
The City Center building, built in 2001, is located on the Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres. The building underwent major renovations between 2020 and 2022.
Katrin Hupfauer, the head of real estate transactions at MEAG, said: “This property ideally meets our criteria for an outstanding location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation.
“In addition, this object also scores in terms of ESG performance, a key value driver for us. Core properties prove to be extremely resilient and stable in value at all times. For us, anti-cyclical investing is the order of the day.”
Tatiana Posa, the head of transactions at AG Real Estate, said: “Our commitment at AG Real Estate is to constantly improve the quality of our assets and we are reaping the benefits of our efforts.
“Even in turbulent times like the one we are currently experiencing, our assets continue to meet the most rigorous criteria in terms of working comfort, optimised energy efficiency - part of the building’s electricity is produced by solar panels installed on the roof - as well as optimal management of parking spaces. It is thanks to this constant attention, to continuous improvement that we manage to attract quality investors.”
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