CB Richard Ellis Investors sells Renaissance in Brussels (BE)

CB Richard Ellis Investors and SwissLife France, has announced the finalization of the sale of Renaissance, a 12,560-m² real estate ensemble, located at 135 Boulevard Emile Jacqmain in Brussels. SwissLife France acquired Renaissance from CB Richard Ellis Strategic Partners Europe Fund III, a pan-European investment fund managed by CBRE Investors.

CBRE Investors - Renaissance - certifié HQE - facade jour - George de Kinder

Renaissance is situated in the center of Brussels, near the Quartier Nord.

The transaction, signed on January 31, 2011, follows a sale process initiated by CBRE and JLL in the second half of 2010, which saw strong interest from investors both in Belgium and internationally.

Renaissance is situated in the center of Brussels, near the Quartier Nord. The 12,560-m² ensemble includes 10,242 m² of office space, a 1,830-m² residential building divided into 16 apartments and 488 m² of retail space on the ground level.

Renaissance is the former headquarters of La Libre Belgique and was acquired by CBRE Investors from the developer Kairos in August 2007. In line with its investment strategy, CBRE Investors considerably modified the initial project to transform Renaissance into a highly performing complex, certified HQE® (Haute Qualité Environnementale), privileging state of the art technology for energy management and the wellbeing of occupants.

This philosophy was instrumental to the successful letting of the office space, which is currently occupied at 85% by the Institut des Réviseurs d'entreprises et l'Institut des Experts-comptables et des Conseils fiscaux (IRE – IEC), and by the VGC (Vlaamse Gemeenschapcommissie – Commission de la Communauté Flamande). Both entities have signed 12-year firm leases with a 21 year binding usufruct.

Renaud Mirici, Directeur Général of SwissLife Immobilier, declared: "SwissLife France holds a real estate portfolio estimated at around 1.4 billion euros. Our traditional markets include Paris, the Paris Region, Lyon and Lille. Today, we see a necessity for wider geographic diversification. Brussels, just 1h15 from Paris and only 38 minutes from Lille meets our needs. With this operation arranged in Paris by the teams of SwissLife Immobilier, we are showing our will and capability to develop our real estate portfolio internationally, thus taking advantage of a larger number of opportunities and different cycles."

Nicolas Lutgé, Senior Director with CBRE Investors, added: "Renaissance is a highly performing ensemble both architecturally and environmentally. Renaissance meets the needs of tenants and top tier international investors such as SwissLife France. We are delighted with this operation that perfectly illustrates our investment philosophy – offering high quality and environmentally performing buildings – and demonstrates our added-value approach in Belgium."

BNP Paribas Real Estate advised the buyer. CB Richard Ellis and Jones Lang Lasalle advised the seller.

Source: CB Richard Ellis

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