Commerce 46 building in the European Quarter in Brussels
Immobel announces the sale of the shares of the company that is the owner of Commerce 46 to Allianz Real Estate, acting on behalf of several Allianz group companies. The unique office building is situated on the corner of Rue Belliard/Belliardstraat and Handelsstraat/Rue du Commerce in the European Quarter in Brussels. The building is in line with Immobel’s goal of developing sustainable, future-proof buildings in strategic locations near mobility hubs. Immobel has owned this building since December 2018.
The iconic and sustainable office building Commerce 46 will be delivered in Q3 2022 and is the result of the combined expertise of OFFICE architects (Kersten Geers and David van Severen) and Jaspers-Eyers.
“To minimise the climate impact, a CO2 neutral building, using environmentally friendly forms of energy such as geothermal energy and solar panels, was chosen. The flexible design, the large spaces with maximum natural light and the planted areas contribute to a future-proof office solution with attention to the well-being and comfort of users” says Adel Yahia, Managing Director Immobel Beligum.
The building has 12 floors and a surface area of approximately 14,200 m². In April last year (2020), Immobel and ING signed a lease agreement for 9 years for the building.
This sales agreement will have a positive impact on Immobel’s annual results.
Vincent Wathelet, Head of Belux for Allianz Real Estate, commented: “Acquiring this Grade A Core asset in the heart of Brussels’ stable European Quarter provides geographic diversification within our portfolio. The scarcity of buildings of this quality in Brussels increases the resilience of the asset which is already fully let to a strong tenant and as such will provide long-term cash flow for our investors. Commerce 46 reflects the model of the future office in which we want to invest – a prime location combined with the latest technology as well as the highest ESG performance standards.”
JLL and CBRE advised Immobel and Allianz Real Estate in this transaction.
The project in a nutshell:
• 12-storey office building with a surface area of approximately 14,200 m²
• Address: Handelsstraat/Rue du Commerce 46, 1000 Brussels (European quarter)
• Architects: OFFICE - Kersten Geers and David van Severen and Jaspers-Eyers
• BREEAM Outstanding (fossil-free - CO2 neutral)
• Large volumes, plenty of light
• Estimated delivery: Q3 2022.
Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.