Allianz Real Estate and Belgian developer Codic have entered into a joint venture to redevelop two neighbouring assets in Brussels into a single, state-of-the-art office complex.
Under the off-market transaction, Codic will sell its stake in the joint venture to Allianz at the completion of the project in early 2025. Financial details were not disclosed.
The new asset will offer more than 15,000 m2 and be fully compliant with the Carbon Risk Real Estate Monitor (CRREM) pathway benchmark and adhere to EU taxonomy requirements. The refurbishment programme is targeting BREEAM Excellent and Brussels PEB A certifications.
‘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 recognize the opportunities available in the market and are fully prepared to capitalise on them as our interest is on resilient markets and core assets that provide attractive long-term returns for our investors,’ said Vincent Wathelet, head of Belgium & Luxembourg at Allianz Real Estate.
‘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 10.000 m2. 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,’ said Christophe Jacobs, general manager at Codic Belgium.
