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.



Executive Committee
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, 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.

Chief Design & Build Officer
Philippe Monserez

Philippe Monserez has been the Chief Design&Build Officer at AG Real Estate since the end of 2016. 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.

General Counsel
Laurent Stalens

Laurent Stalens has been the General Counsel of AG Real Estate since 2009. Heaving 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 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.

AG Real Estate


  • Assets by type
  • Property locations
  • Shareholders
  • Over 250 employees
  • In summary
  • 32% office
    20% retail
    17% parking
    9% investment in JV
    5% warehouse
    7% assets under management
    7% healthcare
  • AG Real Estate
  • AG Real Estate
  • AG Real Estate
  • AG Real Estate


A decisive action in the service of deep convictions: AG Real Estate has adopted a code of business conduct and has embarked on implementing a sustainable development policy – a real backbone to drive the group’s 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.

AG Real Estate has taken the initiative to subscribe to the UN Sustainable Development Goals – a framework that provides stringent guidelines accompanied by ambitious measures. We decided to select 11 of the 17 goals set in this Agenda 2030 to respond more effectively to the challenges we face.

We are deploying this programme in a horizontal and transparent manner on the scale of our different lines of business and in accordance with concrete issues so as to give greater meaning to our projects. Our commitment is thus taking roots in the group to grow and extend to society as a whole.

Our lines of action Notre politique de durabilité Notre charte de sponsoring
Corporate social responsibility