Patrizia spends €59m on Brussels housing scheme

The investment was made for Patrizia’s open-ended pan-European residential flagship fund, living cities, which recently reached the €1.5 bn equity milestone.

The 17,500 m2 turnkey development, purchased from local developer Besix Red, includes 143 underground parking spaces, a child day care centre, 970 m2 retail, and 1,876 m2 of commercial space, and is expected to appeal to a variety of target groups including expats, young professionals, and families.

Said Suzy Denys, country head of BeLux and transactions, said: 'Schaarbeek is one of the largest residential suburbs in Brussels, and this state-of-the-art development is located in the Reyers district – very close to the Mediaparkark, which will house the new headquarters of Belgium’s national broadcasters VRT and RTBF.

'Reyers is being transformed into a new, interconnected district; with a mix of offices, homes, public and commercial amenities as well as an 80,000 m2 park which will completely revitalise this part of the city.

'Our property is set to offer great modern accommodation for people looking into high-quality apartments in this up-and-coming part of Brussels.'

The property will target a high level of energy efficiency and sustainability credentials. LED motion-sensor lighting will be used to illuminate the common areas, while a green roof and rainwater collection system for the courtyard gardens will ensure limited water wastage.

Living cities is one of Patrizia’s ESG funds which is compliant with Article 8 of the EU SFDR. Other recent acquisitions for living cities include a large student housing portfolio purchased in Denmark and a residential scheme in Ireland; a build-to-rent scheme in Reading, in the UK, a 24-storey residential tower in Helsinki, Finland, and a residential development and a multi-family asset in Sweden.

Stibbe, B2A, Sureal and Eight Advisory acted as advisors on behalf of Patrizia.