AG Real Estate hands over a retirement home and a hotel on the Delta site
AG Real Estate SA, acting on behalf of its parent company AG Insurance SA, in cooperation with Burco Europe SA, has handed over a retirement home and a hotel on the Delta site in Brussels. This new city district, founded by the construction of the brand-new Chirec hospital, now offers multigenerational services, notably in the form of residential functions and student accommodation.
A multifaceted development
At a strategically accessible location, whether via the road network or by public transport, these two projects, both developed by AG Real Estate and Burco, will offer 150 beds in a floor area of some 8,450 m² for the retirement home and 120 rooms spread over 4,550 m² for the hotel.
The official opening of the retirement home took place on 15 February and it is now home to its first residents, under the management of Armonea, one of the major private operators in Belgium, which currently has more than 85 establishments.
The project will offer a high standard of comfort to its residents and their visitors. The technical installations will meet strict environmental standards: optimised insulation, balanced ventilation, reuse of rainwater, green roofs, charging points for electric vehicles in the underground car park and hot water produced by cogeneration installed at the hospital complex. These initiatives will help to reduce the carbon footprint.
The hotel part will be operated by the Cayman group under the Adagio Aparthotel brand, a subsidiary of the Accor group.
New partnership with key players
Both the retirement home and the hotel will offer long-term profitability for AG Real Estate. The retirement home will have an indexed triple net lease for a 26-year term. While the hotel is subject to a finance lease.
These two buildings offer AG Real Estate an excellent opportunity to expand its portfolio of service properties in Belgium.
Amand-Benoit D’Hondt, Head of Healthcare, Alternative and Indirect Investments explains: “This opportunity to work together with a renowned hospital means real added value for the incumbent operator. We were delighted to work together with the Chirec teams, for the benefit, in particular, of the residents of the retirement home. We are also pleased to be able to participate in the redevelopment of a city district while expanding our Healthcare & Alternatives portfolio in Belgium”.
Nicolas Lerinckx, Project Manager Design & Build says: “Our proactive partnership with the teams of Burco Europe SA has enabled us to manage and monitor these building projects in the most effective way. We are very grateful to the teams in place for their kindness and efficiency. The completion of the project confirms our experience of Burco Europe as a solid and constructive partner for many years”.
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.