ION Residential Platform (IRP) acquires 100% of the shares of Asty Moulin Properties, the company owning the Limosin development within the Asty Moulin project, developed by Coeur de Ville (Thomas & Piron). IRP is the joint venture between ION, Bouwinvest and CBRE IM, investing in sustainable and affordable rental housing in key cities in Belgium.
The transaction is subject to the completion of the building, which is expected in the summer of 2025. Coeur de Ville and Thomas & Piron Batiment will ensure the development of the building until delivery.
Limosin is the second phase of the Asty Moulin project, entailing the redevelopment of the former Emaillerie just north of the city centre. It is one of the largest residential development projects in Namur. Located in the Saint-Servais district, the neighbourhood is rapidly evolving and benefits from excellent accessibility. After full completion, the mixed-use scheme will have more than 330 apartments, 2.500m² services and commercial areas, a school and 341 parking spaces. The project architects are L’Atelier de l’Arbre d’Or and Qbrik Architects.
Joel Polus, CEO at Coeur de Ville said: “This urban redevelopment project integrates all of the company's expertise, both in terms of project development and construction: the choice of location, a few minutes from the city centre and its accessibility and facility centres, construction and renovation techniques for existing buildings, or even developments regarding sustainability.”
The 5.400m2 Limosin building will include 62 rental apartments, ranging in size from 48 to 132 sqm, and 46 underground parking spaces (in the previous phase). The apartments will be very sustainable with EPC A-labels. The building will be entirely free of fossil fuels thanks to the use of heat pumps and will also be equipped with photovoltaic panels. As such the apartments will be among the most sustainable in the Namur market.
Sam Bordon, Head of Investment at ION said: “On the back of high inflation and interest rates, we notice a very strong demand for affordable rental units across major cities in Belgium, including Namur. This was a great opportunity to acquire a state-of-the-art sustainable building in the city. The emphasis on sustainability and affordability aligns perfectly with the goals of our investment strategy.”
Thomas & Piron was advised in this transaction by Linklaters. ION Residential Platform was advised by Stibbe and PwC.
