Eaglestone sells 'The First' to Union Investment

INVESTMENT
Tim Harrup

Eaglestone has announced that it has sold a building to Union Investment.The building is located on the prestigious Square Orban in the European district of Brussels, and its official address is Rue de la Science 37. This location, in between the two main thoroughfares of the district – Rue Belliard and Rue de la Loi – is within a short walk of the Loi and the Trône metro stations. It is also within easy reach of Luxembourg railway station and of the numerous restaurants and cafes around the Place du Luxembourg.

The building, which Eaglestone acquired in 2017, is partially let to American law firm White & Case who will occupy around half of it once the refurbishment works are terminated in 2023. These works will be carried out by Eaglestone for Union Investment.

The property, built in 1979, 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. 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.

Wolfgang Kessler, a member of the management team at Union Investment Institutional Property, comments:“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.” Union Investment is based in Frankfurt and is the investment branch of German bank DZ.