Munich Re Group’s asset manager MEAG has acquired all shares in AGRE Office Invest II, which holds the City Center building in Brussels for AG Insurance, from AG Real Estate, on behalf of a real estate special fund for institutional investors.
The City Center is a modern office building in the heart of Brussels with an area of approx. 31,000 m², spread over eight floors above ground and two floors below ground. Tenants include Citydev.Brussels, International Trade Union, the Wallonia-Brussels Community and H&M. The weighted average remaining term of the rental agreements is seven years, an expression of the tenants’ confidence in this address.
With its location on Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres and its north facade overlooking Place Rogier, this building has an exceptional positioning in Brussels. It is very accessible due to its excellent transport links, including Metro Rogier, Gare du Nord and nearby bus routes. In addition, the direct connection to City2 offers a favorable environment for business development and the well-being of employees.
Built in 2001 by the Atelier d’Art Urbain, the City Center underwent a major renovation between 2020 and 2022. This included the restoration of the roof, entrance hall and facade while maintaining the elegance of the original Art Deco facade. The building is BREEAM In Use Excellent certified and thus meets the highest sustainability standards. The City Center is equipped with 287 solar panels that help optimize energy consumption.
“This property ideally meets our criteria of an excellent location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation. This property also scores in terms of ESG performance, an important value driver for us. Core properties have proven to be extremely resilient and stable in value at all times. Anti-cyclical investing is the order of the day for us,” said Katrin Hupfauer, Head of Real Estate Transactions at MEAG.
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