AG REal Estate acquires major Namur scheme

Tim Harrup

The rise of the Walloon capital Namur as a real estate investment and office destination has been further demonstrated by a recent transaction. AG Real Estate has acquired – via purchasing two companies owned by Baltisse – five of the buildings within the ‘AXS Namur’ project, prior to the handover during the first half of 2023. The properties involved in the transaction include 28,500m² of office space along with a 380-space car park located alongside Namur railway station. The buildings are already 100% pre-let by the Walloon Public Service and the Belgian Red Cross under long-term leases.

The overall AXS Namur project developed by Baltisse and designed by Montois Partners Architects is composed of seven buildings with a total surface area of around 40,000 m². This development consists of a hotel with 102 rooms - to be operated by hotel chain ‘B&B hotels’-, the office buildings totalling 28,500 m² which make up this transaction, and a student housing building with 217 units.

AG Real Estate talks of this move representing added confirmation of its desire to invest in more diversified geographical locations (i.e. outside of Brussels). These have included two projects in Antwerp (Post X and Kieveit for a total of 230,000 m²) and VAC Gent for over 40,000 m². The company refers to these locations as being attractive and with economic growth. .

AG Real Estate has been advised by real estate broker CBRE for this acquisition.