Meag, the asset manager of Germany's Munich Re Group and Ergo, has picked up a prestigious office property in Central Brussels for €100 mln from AG Real Estate.
City Center is a modern office building has an area of 31,000 m2 spread over eight floors, as well as two floors in the basement.
It is currently leased to a number of tenants, including Citydev.Brussels, the International Trade Union, the Wallonia-Brussels Community, and H&M. The average lease term is seven years.
Katrin Hupfauer, Meag’s head of real estate transaction, said; ‘This property ideally meets our criteria for an outstanding location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation. In addition, this object also scores in terms of ESG performance, a key value driver for us. Core properties prove to be extremely resilient and stable in value at all times. For us, anti-cyclical investing is the order of the day.’
Tatiana Posa, head of transactions at AG Real Estate, added: ‘Our commitment at AG Real Estate is to constantly improve the quality of our assets and we are reaping the fruits of our efforts. Even in turbulent times like the one we are currently experiencing, our assets continue to meet the most rigorous criteria in terms of working comfort, optimized energy efficiency - part of the building's electricity is produced by solar panels installed on the roof - as well as optimal management of parking spaces. It is thanks to this constant attention, to continuous improvement that we manage to attract quality investors.’
Built in 2001, the City Center building has undergone major renovations between 2020 and 2022, including the restoration of the roof and entrance hall and façade, while preserving the original Art Deco façade.
The building features BREEAM In Use Excellent certification and is equipped with 287 solar panels.
Located on the Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres, with its north façade overlooking Place Rogier, it has excellent transport links, including the Rogier metro, Gare du Nord and nearby bus routes.
The building is located next to the City 2 shopping center, which remains in the hands of AG Real Estate.
Meag acted acted in this transaction for various institutional investors, while AG Real Estate acted on behalf of AG Insurance.
BNP Paribas coordinated the transaction, with Loyens & Loeff and PwC advising the buyer, and law firm Linklaters representing the seller.
