Union Investment has acquired The First, an office project in Brussels, the Belgian capital, via a forward funding deal. The existing property, which was built in 1979, will be completely repositioned and new storeys added. The vendor and developer is Eaglestone Investment SA. The purchase price was not disclosed.
Located in the Quartier Leopold in the heart of Brussels, the property will be transformed into a modern, CO2-optimised Class A building with 11,710m² of rental space. Planning permission has already been granted and work will start in March 2021. Completion of the building, which will consist of eight storeys when finished, is scheduled for April 2023. Energy consumption in The First will be minimised in future with the aid of a heat recovery system and solar panels on the roof and façade, while a rainwater harvesting system will reduce mains water consumption. A BREEAM green building certificate with a rating of “Excellent” is being sought. The property is 73% let to American law firm White & Case and Verizon.
“The acquisition of The First is an excellent example of how we are implementing our Manage to Green strategy. Once the extensive refurbishment is complete, the property will have excellent technical parameters. These will underline its environmental credentials as a highly attractive Grade A office building,” said Wolfgang Kessler, a member of the management team at Union Investment Institutional Property.
