Allianz Real Estate and Codic to redevelop assets in Avenue Cortenbergh in Brussels into prime office complex
Allianz Real Estate, on behalf of several Allianz Group companies, and Belgian developer Codic have entered into a joint venture to redevelop two neighbouring assets in Brussels into a single, state-of-the-art office complex.
This off-market transaction will allow for Allianz to expand its presence in Brussels’ prime EU district, one of the more stable European office markets and one with a very low historic vacancy rate. At the completion of the project, Codic will sell its stake in the joint venture to Allianz.
The project is due to be completed by early 2025. The new asset will offer more than 15,000 sq m and will meet the very highest standards of energy efficiency, sustainability and tenant well-being. It will be fully compliant with the Carbon Risk Real Estate Monitor (CRREM) pathway benchmark and adhere to EU taxonomy requirements. The refurbishment program is targeting BREEAM Excellent and Brussels PEB A certifications.
“We focus on offering high-quality, sustainable, large office spaces to government institutions and large corporations present in Brussel’s EU district as we are aware of their need for buildings with such characteristics. In that sense, we have been able to recognise the opportunities available in the market and are fully prepared to capitalise on them as our interest is on resilient markets and core assets that provide attractive long-term returns for our investors,” says Vincent Wathelet, Head of Belgium & Luxembourg at Allianz Real Estate. “Working with the highly experienced team at Codic, we can be sure to deliver an exceptional project that showcases the very best of Allianz Real Estate and our commitment to delivering truly prime assets that optimise value for all stakeholders, including investors.”
“When we acquired the smaller existing corner building we quickly understood the potential of a co-development alongside Allianz Real Estate. Both buildings are too small for a future office development considering that office standards within the EU district clearly demand larger office complexes offering more than 10.000 sq m. Having an existing shared tenant on both buildings, we had a unique opportunity to create a brand new office workplace meeting the demands of new tenants,” says Christophe Jacobs, General Manager at Codic Belgium. “To distinguish our architecture on the market, we have chosen to combine an international French architect Atelier 234 with the Belgian bureau Jaspers & Eyers.”
“The redevelopment of the Cortenbergh assets in Brussel’s prime EU district highlights the long-term value creation that we seek to incorporate in each 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, digitalisation as well as social and environmental impact are at the heart of what we do. Once finalised, the building will offer its tenants top quality in terms of amenities, sustainability and user experience as we continue to focus on these aspects to offer superior quality to the users of our buildings.”