Allianz Real Estate, on behalf of several Allianz Group companies, and the Belgian developer Codic have entered into a joint venture to develop two neighboring properties in Brussels into a single, state-of-the-art office complex. This off-market transaction will enable Allianz to expand its presence in the Brussels EU quarter, one of the most stable European office markets with a historically very low vacancy rate. Upon completion of the project, Codic will sell its stake in the joint venture to Allianz.
The completion of the project is planned for the beginning of 2025. The new property will cover more than 15,000 square meters and meet the highest standards in terms of energy efficiency, sustainability and tenant wellbeing. It will meet the requirements of the Carbon Risk Real Estate Monitor (CRREM) and conform to the requirements of the EU taxonomy. The renovation program aims at the BREEAM Excellent and Brussels PEB A certifications.
“We are focused on providing high quality, sustainable, large office space to government institutions and large corporations based in the Brussels EU Quarter, as we understand their need for buildings with such characteristics. With that in mind, we have recognized the market opportunities and are ready to take advantage of them. We are interested in resilient markets and core assets that offer our investors attractive long-term returns, “says Vincent Wathelet, Head of Belgium & Luxembourg at Allianz Real Estate. “By working with the very experienced team at Codic, we can be sure of delivering an exceptional project that shows the commitment Allianz Real Estate puts into delivering truly first-class assets that optimize value for everyone involved, including investors.”
“When we acquired the smaller, existing corner building, we quickly recognized the potential of a joint development together with Allianz Real Estate. Both buildings are too small for future office development, as office standards in the EU quarter clearly require larger office complexes with more than 10,000 m² . Since we already have a tenant in both buildings, we had the unique opportunity to create a brand new office space that meets the needs of new tenants, “says Christophe Jacobs, General Manager at Codic Belgium. “In order to distinguish ourselves in the market, we decided on a combination of the international French architect Atelier 234 and the Belgian office Jaspers & Eyers.”
“The redevelopment of the Cortenbergh assets in Brussels’ Prime EU district underscores the long-term value creation that we strive for with every one of our investments. The project will meet the highest standards in terms of energy, efficiency and sustainability, following our net zero Commitment, “says Alexander Gebauer, CEO of Allianz Real Estate for Western Europe. “Innovation, digitization and social and ecological impacts are the focus of our actions. When the building is completed, it will offer its tenants the highest quality in terms of equipment, sustainability and user experience, as we continue to focus on these aspects in order to provide the users of our Buildings of the highest quality.”
