AXA Real Estate has divested the Vander Elst office building in the Belgian city of Leuven to the AXA Insurance Group for around 鈧�40 mln.
AXA Real Estate has divested the Vander Elst office building in the Belgian city of Leuven to the AXA Insurance Group for around 鈧�40 mln.
Developed by Ghelamco, the 17,000 m2 scheme is part of the larger Vaartkom project comprising offices, 113 residential apartments, 500 student housing units as well as retail accommodation and 1,000 parking spaces.
The building is partly leased to retailer Colruyt Group and partly to office tenants such as Rijksdienst voor Arbeidsvoorzeining, AG Insurance and Prevent. Vander Elst is the first BREEAM Very Good certified building in Leuven.
The investment allows AXA Belgium to further diversity its real estate portfolio which comprises around 鈧�3 bn worth of assets, the company said in a statement.
'Investment opportunities located in secondary cities and which respond to all expectations of institutional investors become increasingly attractive. Vander Elst is a good example of this and offers long-term cash flow security on a BREEAM-certified and newly built property,' commented Maxime Xantippe, head of capital markets at C&W which brokered the deal.
