Asset management company MEAG has acquired all the shares of AGRE Office Invest II holding the prestigious City Center building in Brussels from AG Real Estate.
MEAG, which is the asset management company of Munich Re Insurance, acted on behalf of a special real estate fund designed for institutional investors.
Katrin Hupfauer, MEAG’s Head of Real Estate Transactions, says, “This property ideally meets our criteria for an outstanding location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation. In addition, this object also scores in terms of ESG performance, a key value driver for us. Core properties prove to be extremely resilient and stable in value at all times. For us, anti-cyclical investing is the order of the day.”
City Center has an area of approximately 31,000 square meters spread over eight floors, as well as two floors in the basement. The current tenants are renowned entities including Citydev.Brussels, International Trade Union, the Wallonia-Brussels Community and H&M. The average term of the remaining leases is seven years, demonstrating tenants’ confidence in this strategic address.
Exceptional position of City Center
Ideally located on the Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres, with its north façade overlooking Place Rogier, this building occupies an exceptional position in Brussels. It enjoys remarkable accessibility thanks to its excellent transport links, including the Rogier metro, Gare du Nord and nearby bus routes. In addition, its immediate connectivity with City2 offers it an environment conducive to business development and employee well-being.
Built in 2001 by the Atelier d’Art Urbain, the City Center building has recently benefited from major renovations undertaken between 2020 and 2022. These included the restoration of the roof and entrance hall and façade, while finely preserving the elegance of the original Art Deco façade. The building has BREEAM In Use Excellent certification, demonstrating its commitment to high standards of sustainability. City Center is also equipped with 287 solar panels, contributing to the production of green electricity and the optimization of energy consumption.
The transaction was carried out under the dome of BNP Paribas, in collaboration with the firms Loyens & Loeff and PwC as buyer advisors, as well as the law firm Linklaters representing the seller.
MEAG is the asset manager of Munich Re Group. With offices in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside Munich Re Group. MEAG currently manages assets of around €310 billion.
