AG Real Estate confirms its diversification strategy on a national level
AG Real Estate has signed a contract with the company Baltissimmo for the acquisition of two companies known as ‘AXS Namur 2’ and ‘AXS Namur 3’. Together, they own five buildings containing 28,500 m² of office space and a car park with more than 380 spaces located in Namur next to the station, which are due to be handed over in the first half of 2023, together with all the related contracts, including rental agreements.
This complete urban development, known as “AXS Namur”, designed by the two divested companies and their sister companies, will comprise a diversified programme of seven buildings including, in addition to the office space, a hotel with more than 100 rooms and a student residence of 220 flats.
The office buildings owned by the acquired companies ‘AXS Namur 2’ and ‘AXS Namur 3’ are 100% pre-let: 83% of the total space is let to the Wallonia Public Service for a fixed 18-year term and the remainder is let to the Belgian Red Cross for a minimum period of 9 years.
After the investment in 2020 in POST X, a mixed development of nearly 100,000 m², and Kievit in 2014 (130,000 m²), both located in Antwerp, as well as VAC Gent (40,500 m²) in Ghent, AG Real Estate is confirming the expansion of its portfolio to geographic areas with well-established attractiveness and economic growth. Particular attention is being paid to properties whose major assets are diversification, hyper-connectedness, location, mobility and accessibility, as all of these buildings are located next to stations. Tatiana Posa, Senior Transaction Manager at AG Real Estate confirms: “The latest transactions carried out by AG Real Estate, on behalf of AG Insurance, demonstrate that we are paying close attention to properties that meet environmental criteria. The financial analysis tools we have introduced allow us to better assess our acquisitions and ensure that they will meet the sustainability criteria laid down by the authorities for 2050. Investing in this type of asset positions us as an eco-responsible player very attentive to the new uses of our rental customers.”
A strategy focused on sustainability
AXS Namur 2 and AXS Namur 3 have devised their respective real-estate projects with an environmental ambition that meets the criteria in force since 1 January 2021. The high-performance technical installations will offer unparalleled comfort to occupants in terms of energy consumption and insulation. The energy required to produce heat will come mainly from renewable energy sources. Moreover, the roof will accommodate 484 photovoltaic solar panels covering more than 770 m².
The site’s facilities include numerous bicycle spaces, electric recharging stations and the creation of green spaces fostering the development of biodiversity.
The certification targeted is BREEAM Very Good (a BREEAM Excellent might even be awarded after the future occupants have moved in).
Namur: Innovative, Cultural, Attractive
Namur is a booming city and diversified real estate developments, for the benefit of its inhabitants and their quality of life, have been materialising in recent years.
All these objective data made us analyse the various opportunities available on the Namur real estate market. Amaury de Crombrugghe, Chief Investment Officer of AG Real Estate explains: “As the capital of the Walloon Region, Namur offers major advantages not only to its inhabitants but also to companies wanting to enhance the quality of life of their employees. Our interest in Namur is not new. We already own the “Namur Bourgeois” site which we intend to redevelop, not to mention our public-private partnership with the Buildings Agency for building the new courthouse. With this new long-term investment, we are strengthening our portfolio with quality assets that enjoy major advantages. All these criteria meet our diversification strategy, in terms of both sustainability and location, which we devised more than 5 years ago. This action is supported by our shareholder, AG Insurance”.
Alex De Witte, Chief Executive Officer Real Estate of the Baltisse Group comments: “We are delighted that the real estate project developed on spec by AXS Namur 2 and 3 has aroused such strong interest in the AG Real Estate teams. This endorses the vision we had when acquiring this strategic site located next to Namur station as well as the programme that we have developed in terms of both function and our sustainable development approach. And this is confirmed by the quality of the tenants that these companies have been able to attract. We look forward to completing this transaction in 2023.”
Baltisse was advised by PWC Legal on this transaction. Meanwhile, AG Real Estate chose Eubelius as its consultant. CBRE is the real estate agent for this transaction.
Key figures for the transaction:
|– Acquisition of two companies owning five buildings |
– Office space: 28,500 m²
– Occupancy rate: 100% pre-let
About AG Real Estate
AG Real Estate, a wholly-owned subsidiary of AG Insurance, is an integrated property operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking. A company active in urban real estate, AG Real Estate has more than 250 employees with varied profiles and areas of expertise.
With a portfolio of more than €6.5 billion under management for its own account and on behalf of third parties, AG Real Estate is endeavouring to provide a responsible response to new urban needs and to implement a sustainable development policy as to make its projects even more meaningful.
Baltisse is a leading Belgian investment company focused on creating value through entrepreneurship. The group is active in private equity, asset management and real estate. The real-estate branch of Baltisse acts as a developer and investor. Operating in Belgium, Luxembourg, the United States, Romania and Germany, it owns or is developing, via its subsidiaries, more than 300,000 m².
Active in a wide range of assets, Baltisse is constantly seeking the perfect match between location and functionality in major projects.
Visit www.baltisse.com for more information.