H.I.B. to develop 163 residential units, part of Atenor’s ‘City Dox’ project

LIVING
Tim Harrup

There is further positive movement in Atenor’s ambitious ‘City Dox’ project in Anderlecht, Rental residential real estate specialist Home Invest Belgium has just announced that it has acquired the land and planning permit for City Dox Lot 4. Located on the canal embankment in the Brussels commune of Anderlecht, the site will accommodate 163 residential units, 132 parking spaces, 324 covered spaces for bicycles and 2,200 m² of production space. In addition, the development of tenant services in the building will strengthen Home Invest Belgium's position as a landlord of choice on the rental market.

The total investment by H.I.B. for the project, scheduled for delivery in 2023, will be around €50 million. The company is expecting a gross initial yield estimated at around 4.5% once the building is fully occupied. With this acquisition H.I.B enhances its position on the Brussels residential rental market.

Home Invest Belgium CEO Sven Janssens comments: “This project aligns perfectly with our strategy of sustainable residential projects for the rental market. Our position as investor-developer allows us to implement high-quality construction right away and thus increase the size of our portfolio fairly quickly. We are strengthening our position as a benchmark player on the residential property market, focusing in particular, but not exclusively, on Brussels. Our know-how as an institutional investor enabled us to acquire this high-quality project, and our experience as a developer will enable us to build it.

We firmly believe in the project's potential on the rental market and the contribution it will make to achieving our aim to be the landlord of choice for Belgian tenants. Together with the agreement concluded with Immobel and BPI Real Estate in late June 2021 for the acquisition of building A in the Key West project (101 residential units for an investment of around €30 million, under condition of delivery of the planning permit), Home Invest Belgium is confirming its accelerated investment strategy driven by high-quality projects located in a district with a bright future
”.