Codic and Allianz to develop European district office project

OFFICES
Tim Harrup

An office redevelopment project on the Avenue de Cortenbergh will see Codic and Allianz create a 15,000 m² office block. On completion, says Allianz, which is investing on behalf of several Allianz Group companies, Codic will sell its stake in the joint venture to Allianz.

The redevelopment project is scheduled for completion by early 2025. The new asset will respond, say the developers, to the strictest standards in terms of energy efficiency, sustainable development and occupant well-being. It will totally conform to the Carbon Risk Real Estate Monitor (CRREM) and is aiming for BREEAM Excellent and Brussels PEB A certifications. To distinguish the buildings' architecture on the market, Allianz Real Estate and Codic have chosen to combine an international French architect Atelier 234 with the Belgian bureau Jaspers & Eyers Architects.

Vincent Wathelet, Head of Belgium and Luxembourg at Allianz Real Estate, comments: “We are focusing on offering high-quality, sustainable, large office spaces to government institutions and large corporations present in Brussels’ EU district as we are aware of their need for buildings meeting these criteria. We have thus been able to recognise the opportunities available in the market and are fully prepared to capitalize on them as our interest is on resilient markets and core assets that provide attractive long-term returns for our investors.

For his part, Christophe Jacobs, General Manager at Codic Belgium, says: “When we acquired the smaller existing corner building we rapidly understood the potential of a co-development alongside Allianz Real Estate. Each building is too small on its own for a future office development in view of the fact that that office standards within the EU district clearly demand larger office complexes offering more than 10,000 m². Having an existing shared tenant on both buildings, we had a unique opportunity to create a brand new office workplace meeting the demands of new tenants