Allianz, Codic form JV for office redevelopment in Brussels

Allianz, Codic to redevelop assets in Brussels into office complex

Allianz Real Estate and Belgian developer Codic have established a joint venture to redevelop two neighboring assets in Brussels into a single, state-of-the-art office complex.

At the completion of the project, Codic will sell its stake in the joint venture to Allianz. The 15,000 sqm office project is expected to complete in early 2025.

Allianz said the new asset will meet the very highest standards of energy efficiency, sustainability and tenant well-being.

It will be fully compliant with the Carbon Risk Real Estate Monitor (CRREM) pathway benchmark and adhere to EU taxonomy requirements. The refurbishment program is targeting BREEAM Excellent and Brussels PEB A certifications.

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“We focus on offering high-quality, sustainable, large office spaces to government institutions and large corporations present in Brussel’s EU district as we are aware of their need for buildings with such characteristics. In that sense, we have been able to recognize the opportunities available in the market and are fully prepared to capitalize on them as our interest is on resilient markets and core assets that provide attractive long-term returns for our investors,” said Vincent Wathelet, Head of Belgium & Luxembourg at Allianz Real Estate.

“The redevelopment of the Cortenbergh assets in Brussel’s prime EU district highlights the long-term value creation that we seek to incorporate in each of our investments. The project will meet  the highest standards in terms of energy, efficiency and sustainability following our net zero commitment,” said Alexander Gebauer, CEO of Allianz Real Estate for Western Europe.

“When we acquired the smaller existing corner building we quickly understood the potential of a co-development alongside Allianz Real Estate. Both buildings are too small for a future office development considering that office standards within the EU district clearly demand larger office complexes offering more than 10.000 sqm. Having an existing shared tenant on both buildings, we had a unique opportunity to create a brand new office workplace meeting the demands of new tenants,” said Christophe Jacobs, General Manager at Codic Belgium.