Pan-European real estate developer Besix Red and investment manager Patrizia have completed Viridis, one of Belgium's largest and most sustainable residential rental projects in recent years.
Located in Brussels' Reyers district of Schaarbeek, the €59 mln Viridis development is funded by Patrizia's Living Cities Fund, which boasts total assets under management of approximately €1.5 billion. Ownership of Viridis (held by Evenepoel Properties) was fully transferred from Besix Red to Patrizia in early 2022.
This 17,500 m2 project offers a mix of amenities for residents and the surrounding community. It features 115 apartments, 142 parking spaces with electric vehicle charging stations, a daycare center, media space, retail space, and a large garden.
Targeting the mid-market rental sector, Viridis is expected to attract a variety of tenants, including expats, young professionals, and families. Its proximity to the city's Mediapark, home to national broadcasters VRT and RTBF, adds further appeal.
Gabriel Uzgen, CEO Besix Red, commented: “Viridis is a perfect example of Besix Red’s commitment to sustainable and socially responsible urban developments, revitalizing a promising neighbourhood and embracing social cohesion, building communities, the wellbeing of users, as well as ESG principles. This transaction demonstrates that the Belgian residential built-to-rent market is becoming more and more appealing for foreign institutional investors.”
Suzy Denys, country head of BeLux and Transactions for Patrizia, said: ‘The Viridis development represents a much-needed and substantial addition of modern sustainable housing in one of Brussels' largest residential districts. Like many major European cities, Brussels is struggling with chronic under-supply of new build residential rental units relative to soaring demand. The project’s strong sustainability credentials are also closely aligned with the investment principles of Patrizia’s institutional Living Cities Fund, which aims to maximize the use of renewable energy and build sustainable and vibrant communities near amenities like schools, green spaces, and supermarkets.’
Besix Red managed the project's construction and will handle the leasing of both residential and retail units for Patrizia. The development earned an A+++ energy efficiency label thanks to features like individual heat pumps, LED lighting, underfloor heating, electric exterior blinds, and smart meters. Photovoltaic panels on the roofs generate clean energy, while a rainwater collection system waters the courtyard gardens. The properties are surrounded by ample green landscaping and boast several secure bicycle storage areas.
