AXA Investment Managers – Real Assets has completed the acquisition of the Wiltcher’s Complex, a core mixed-use property in Brussels’ Central Business District, from AG Real Estate, for an investment value of approximately €120 million. The asset was acquired on behalf of a joint venture comprising AXA Selectiv’ Immo, and a newly launched retail fund AXA Selectiv’ Immoservice, both accessible to French retail investors mainly through life insurance contracts distributed by AXA France. Both Funds are managed by AXA REIM SGP.
The Wiltchers complex is located in the Louise district of Brussels and represents a unique investment opportunity comprising a mix of asset classes – office, retail, residential, hotel and public parking – within the one 44,200 sqm complex, enabling AXA IM – Real Assets to draw in expertise from its distinct specialist sector teams to effectively execute the transaction. Built in 1992, the complex is currently almost fully let to a diverse range of high quality tenants and is split as follows:
• The newly refurbished, 267-room 5* Steigenberger Hotel which boasts the largest guestrooms in Brussels, averaging at 57 sqm, in addition to meeting space, a restaurant, bar and fitness centre, spread across 26,400 sqm. This aspect of the investment will benefit from exposure to AXA IM – Real Assets’ wider alternatives platform, as the team continues to strengthen its expertise of the upscale hotels market.
• An 8,300 sqm office scheme comprising nine units arranged over seven floors and set within a classical building which fronts onto Avenue Louise.
• 3,700 sqm of retail across 15 units within three separate zones of the complex, including leading fashion boutique destination Avenue Louise, hosting a range of luxury retailers.
• A health club.
• 12 residential apartment units totalling 1,700 sqm.
• 600 underground public parking spaces.
Benefitting from an unrivalled city centre location in Brussels’ most prestigious area, the landmark complex enjoys excellent accessibility through both road and public transportation links, easily connecting the asset to surrounding Belgian neighbourhoods. The major thoroughfare of Avenue Louise draws high volumes of footfall, benefitting all elements of the complex.