AXA Investment Managers - Real Assets has completed the acquisition of the Wiltcher’s Complex, a core mixed-use property in Brussels’ CBD, from AG Real Estate, for an investment value of approximately €120m. 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 44,200m² 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-star Steigenberger Hotel which boasts the largest guestrooms in Brussels, averaging at 57m², in addition to meeting space, a restaurant, bar and fitness centre, spread across 26,400m². 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 8,300m² office scheme comprising nine units arranged over seven floors and set within a classical building which fronts onto Avenue Louise.
- 3,700m² 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 1,700m².
- 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.
Guy Van Wymersch, head of Benelux, AXA IM - Real Assets, commented: “The renowned Wiltchers complex is a true trophy addition to our Benelux portfolio and is demonstrative of our team’s ability to source and acquire highly-sought core assets across specific regions that satisfy the bespoke investment criteria of a client. This investment has provided us with unique exposure to a diversified mix of asset classes, supported by exceptionally strong covenants, enabling us to leverage the sector expertise from across AXA IM - Real Assets’ business in order to maximise the asset’s value for the benefit of our clients.”
Antoine Aubry, fund manager at AXA IM - Real Assets, commented: “This acquisition is directly in line with the philosophy of our Funds, offering instant diversification across a number of asset classes through the one core investment. It is a credit to our team to have completed this unique transaction so soon after the launch of AXA Selectiv’ Immoservice, and it comes in quick succession to the Fund’s first acquisition, of a hotel development opportunity in Venice. We believe that the Wiltchers complex, benefitting from a prime location in one of Europe’s key markets, has the potential to create excellent value for our retail investor clients, as we capitalize on the strong economic fundamentals of the Brussels market.”
