MEAG, the asset management arm of insurer Munich Re, has acquired the City Center office building in Belgium鈥檚 capital from AG Insurance鈥檚 real estate arm.
MEAG has invested an unspecified amount on behalf of a real estate fund to buy AGRE Office Invest II, the vehicle that holds the 31,000sqm building in Brussels, from AG Real Estate.
The City Center building, built in 2001, is located on the Boulevard du Jardin Botanique, Rue Neuve and Rue des Cendres. The building underwent major renovations between 2020 and 2022.
Katrin Hupfauer, the head of real estate transactions at MEAG, said: 鈥淭his property ideally meets our criteria for an outstanding location and excellent property quality. The sustainable earnings situation is reflected in a stable valuation.
鈥淚n 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.鈥�
Tatiana Posa, the head of transactions at AG Real Estate, said: 鈥淥ur commitment at AG Real Estate is to constantly improve the quality of our assets and we are reaping the benefits of our efforts.
鈥淓ven in turbulent times like the one we are currently experiencing, our assets continue to meet the most rigorous criteria in terms of working comfort, optimised energy efficiency - part of the building鈥檚 electricity is produced by solar panels installed on the roof - as well as optimal management of parking spaces. It is thanks to this constant attention, to continuous improvement that we manage to attract quality investors.鈥�
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