Belfius takes major stake in GDF-Suez's Belgian complex

Belfius Insurance is taking a majority stake in the new Belgian headquarters of international utility group GDF-Suez.

The insurance arm of Belfius Banking and Insurance (formerly Dexia) is acquiring a 60% share of the office complex in the northern district of Brussels by forming a partnership with AG Real Estate, the property arm of AG (formerly Fortis), Belgium's largest insurance company.

The purpose of the partnership is to invest in and develop the new office complex where GDF-Suez will be setting up its Belgian headquarters. Belfius Insurance's total investment is valued at roughly €163 mln.

The first phase of the programme dubbed North Light (35,000 m2 of office space) was completed in 2011. The second phase, Pole Star (40,000 m2), was delivered at the beginning of December. It is expected that tenants from various GDF-Suez group entities will move into the new headquarters in January 2014.

The partnership agreement was formally concluded on 11 December 2013, when Belfius Insurance acquired a 60% share of the North Light and Pole Star companies. AG Real Estate intends to keep the remaining 40% in its portfolio as a long-term investment.

Both the North Light and Pole Star buildings incorporate advanced energy-saving technologies, including the biggest geothermal system in Belgium for a commercial property.

For Belfius Insurance and AG Real Estate, the agreement represents the opportunity to continue their diversification strategy and form partnerships with other major institutional investors.