AXA Investment Managers - Real Assets has completed the acquisition of the Wiltcher's Complex, a core mixed-use property in Brussels' Central Business District, from AG Real Estate, for an investment value of €120 mln.
The asset was acquired on behalf of a joint venture comprising AXA Selectiv’ Immo, and a newly launched retail fund AXA Selectiv’ Immoservice, both for French retail investors mainly through life insurance contracts distributed by AXA France.
The 44,200 m2 Wiltchers complex, located in the Louise district of Brussels, comprises a mix of office, retail, residential, hotel and public parking. Built in 1992, the complex is almost fully let to a range of high quality tenants including a newly refurbished, 267-room 5* Steigenberger Hotel which boasts the largest guestrooms in Brussels, meeting space, restaurant, bar and fitness centre, spread across 26,400 sqm. This aspect of the investment will benefit from exposure to AXA IM - Real Assets’ wider alternatives platform, as the team continues to strengthen its expertise of the upscale hotels market.
Other uses include an 8,300m2 office scheme over seven floors fronting onto Avenue Louise, 3,700 sqm of retail across 15 units, a health club, 12 residential apartments and underground car parking.
The major thoroughfare of Avenue Louise draws high volumes of footfall, benefitting all elements of the complex.
Guy Van Wymersch, Head of Benelux, AXA IM - Real Assets, said: 'The renowned Wiltchers complex is a true trophy addition to our Benelux portfolio. This investment has provided us with unique exposure to a diversified mix of asset classes, supported by exceptionally strong covenants.'
Antoine Aubry, Fund Manager at AXA IM - Real Assets, added: 'This acquisition is directly in line with the philosophy of our Funds, offering instant diversification across a number of asset classes through the one core investment. It is a credit to our team to have completed this unique transaction so soon after the launch of AXA Selectiv’ Immoservice, and it comes in quick succession to the Fund’s first acquisition, of a hotel development opportunity in Venice. We believe that the Wiltchers complex, has the potential to create excellent value for our retail investor clients, as we capitalize on the strong economic fundamentals of the Brussels market.'
