Belgium-based office developer Immobel has agreed to acquire the Brussels headquarters of French group Total, as part of a sustainable renovation strategy for the asset.
Financial details were not disclosed.
Immobel will renovate 75% of the 25,000 m2 building complex on Rue de la Loi/Wetstraat in Brussels, applying the principle of circularity, i.e. as many materials as possible will be reused.
To reduce the climate impact, Immobel has opted to use environmentally friendly forms of energy (geothermal energy, solar panels) and improve the shell of the building. This will considerably reduce the CO2 emissions of the building in use.
According to the developer, the building will make maximum use of natural daylight through glass rear walls and sustainable materials such as wood. The current 1950 façade will be renovated while preserving the original design as much as possible and respecting the latest insulation standards.
Immobel plans to make the office redevelopment the seed asset to the Immobel BeLux office development fund. This fund, for which the capital raising will start shortly, is being set up to offer institutional investors the chance to invest alongside Immobel in the development of sustainable and contemporary office buildings in Brussels and Luxembourg.
Immobel said that the desire to create a greener head office was in line with digitalisation and home-working trends, which are driving companies to seek to establish sustainable and flexible office solutions, particularly in a post-Covid world. Immobel's new fund seeks to promote positive impact office schemes.
