AG Real Estate is the real estate subsidiary of AG Insurance and the real estate consultant of Ageas. We aspire to manage a portfolio of diversified assets as an integrated operator in an optimal and sustainable manner. Concurrently investor and developer, we operate in Belgium, France and Luxembourg and on certain select European markets, in the best interest of our clients and partners.

AG Real Estate
AG Real Estate
AG Real Estate



Executive Committee
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AG Real Estate
Chief Investment Officer
Amaury de Crombrugghe

Amaury de Crombrugghe is the Chief Investment Officer Retail, Office & Warehouse of AG Real Estate. Amaury earned a degree from the European University of Antwerp and Barcelona with a thesis on Risk Management. In parallel to a passion for real estate which he developed from a very early age, he embarked on his career at Grey Advertising where he was account manager for three products belonging to Procter&Gamble. Real estate companies such as Jones Lang Lasalle, Cofinimmo, CB Richard Ellis and Banimmo have also put their trust in him for his innate sense of business relationship, his vision of asset management and his administrative acumen.

Chief Development Officer
Xavier Denis

Xavier joined AG Real Estate in 2018 as Chief Development Officer. He has over 20 years of multidisciplinary and international experience in real estate in both the listed and non-listed sectors. He is a member of RICS and IPI-BIV, past Chair of ULI Belgium and past Chair of the Investors’ Commission at UPSI-BVS. Xavier graduated from UCL as a Civil Engineer Architect and received an MBA from INSEAD.

Chief Executive Officer
Serge Fautré

Serge Fautré is the Chief Executive Officer of AG Real Estate. He joined AG Real Estate in 2012, after ten years as CEO and Managing Director of Cofinimmo. Serge currently serves as Chairman of Interparking, Vice-Chairman of Ascencio, President of the Executive Master in Real Estate and Honorary Chairman of UPSI (Union Professionnelle du Secteur Immobilier). From 2005 to 2009, he also served as Chairman of EPRA (European Public Real Estate Association). He holds a Master in Economics from the Université Catholique de Louvain and a Master in Business Administration from Chicago Booth.

General Counsel
Laurent Stalens

Laurent Stalens has been the General Counsel of AG Real Estate since 2009. Having earned a Law degree from the Catholic University of Louvain and then a Master’s Degree from the Solvay Business School, Laurent worked first as a tax advisor consultant and then joined Bernheim Comofi in 1995 as Tax Manager. In 2002, he became Head of Tax at AG Real Estate. He has acquired experience in various segments of real estate through the years as regards the management, acquisition, and structuring of real estate transactions. Laurent is also active in the UPSI (the professional organization of the real estate sector) where he was Chairman of the tax committee and, since 2018, Vice-chairman of the FIIS committee.

Chief Design & Build and Innovation Officer
Philippe Monserez

Philippe Monserez is the Chief Design & Build and Innovation Officer at AG Real Estate. After having graduated as Master in Engineering & Construction, he started his professional career as Structural Engineer and Project Manager at Agrotechnic. Later, he also obtained a Master in Business Engineering (EHSAL, Brussels, 1989) and continued his professional career at ASLK Bank & Insurances, Fortis Bank and BNP Paribas Fortis. In 2012 he joined AG Real Estate as Programme Director for the PPP “Scholen van Morgen”. Finally, he is involved in PropTech Lab Belgium as member of the Advisory Board.

Chief Financial Officer
Marc Van Begin

Marc Van Begin is the Chief Financial Officer of AG Real Estate, where he has worked since 2002. He plays an active role in Interparking (Car Parks), DTH Partners LLC (NYC multifamily RE), Scholen van Morgen (School infrastructure). Marc is also in charge of the RE Financing and Infrastructure equity activity of AG Real Estate. Having graduated from Solvay Business School in 1988 with a Master in Business Administration, Marc has subsequently worked with Arthur Andersen (1988-1993) as Auditor and Consultant, with the investment bank Lessius Management (1993-1997) as Investment Manager, and with the chemical group EVC International (1997-2001) as Corporate Finance Manager and Business Controller.

Chief Risk Officer
Spencer Aniakou

Spencer Aniakou became the Chief Risk Officer at AG Real Estate in 2019. After receiving a Master in Actuary and in Mathematics at the University Paris Diderot / ISUP, he started his career at BNP Paribas in Paris. This first experience was followed by 8 years of insightful times on the trading floors as a derivatives structurer for the investment bank Natixis and the investment manager Exane Derivatives. After receiving an MBA from Hult International in Boston (USA), he joined the Ageas Group in Brussels in 2013 as a Financial Risk Manager responsible for the assessment of infrastructure investments and real estate projects. Spencer is FRM and CAIA certified. He has been teaching Risk and Financial Management at the IESEG School of Management Lille/Paris (France) for over a decade. 

Chief HR & Communication Officer
Véronique Mathonet

Véronique Mathonet has held the position of Chief HR & Communication Officer of the AG Real Estate group since June 2010. During her career, she has acquired multidisciplinary experience in human resources and communication. Véronique studied at university in Belgium: she earned a degree in Communication from ULg in 1994, and obtained a Special Degree in Human Resources from the Haute École Francisco Ferrer in 2004 and an Executive Master in Human Resources Management from Vlerick Business School in 2015.

Chief Alternative Investments and Sustainability Officer
Amand-Benoît D'Hondt

Amand-Benoît D'Hondt is the Chief Alternative Investments and Sustainability Officer of AG Real Estate. He joined the firm in 2015, after having worked for more than ten years in the Corporate Real Estate department of the international law firm Allen & Overy and for almost two years at DTH Capital in New York in real estate development. Amand-Benoît holds a Master of Law from UCL, an MBA from Vlerick Business School and an LL.M from Columbia University.

AG Real Estate


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  • Over 250 employees
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A decisive action in the service of deep convictions: AG Real Estate has adopted a code of business conduct and has implemented a sustainable development policy – a real backbone to drive our commitments.

Taking action to support the development of the city

Our sustainable development policy addresses the need to draw up a declaration of commitments and actions to redefine the city of tomorrow. These (tangible and measurable) actions are to be assessed on an annual basis and to be implemented by means of operational procedures.

We have made a commitment to the UN Sustainable Development Goals – a framework that provides guidelines accompanied by ambitious measures. By adhering to this framework, we want to deliver a positive contribution to our environment by actively working on SDG 11 (Sustainable cities and Communities), SDG 12 (Responsible consumption and production) and SDG 13 (Climate action).

We have designed a sustainability strategy which will help us deliver this positive contribution to our environment. Our strategy is structured around five fundamental pillars: Governance, Stakeholder of the City, Team, Environment & Client, and Social Commitment & Sponsorship. By building on these pillars, we are confident that we can develop a sustainable approach to our business while acting for the good of our community.

As part of our dedication to sustainable development, we have set a target to reduce our greenhouse gas emissions to net-zero by 2050. Moreover, we have set intermediary targets to achieve this long-term target based on the CRREM global pathways.

Sustainability Report 2022 Our sustainability policy Our sponsoring policy
Corporate social responsibility