Two months after signing the leasehold deed for Stéphanie Plaza, AG grants a 99-year leasehold on Stéphanie Square to the same German investment fund, KGAL Investment Management.
It was an emotional end and start of the year for the AG Real Estate teams with this transaction on two iconic buildings in its Office portfolio. AG Insurance, represented by AG Real Estate, has set up a 99-year leasehold in favour of the German investment fund, KGAL Investment Management.
Stéphanie Plaza was the first property to benefit from a leasehold on 16 December 2021, with 8,700m² of offices and 900m² of retail space, and is fully let to various rental customers with a Weighted Average Lease period until the first Break (WALB) of 3.8 years.
Meanwhile, Stéphanie Square was granted a leasehold on 11 February 2022. It offers 15,640 m² of offices and 2,100 m² of retail space, and is 85% let to various tenants with a WALB of 3.2 years.
Tatiana Posa, Head of Transactions at AG Real Estate said: “Active asset management and the investments that AG Real Estate has made in these two properties, coupled with an excellent strategic location, have enabled us to achieve very competitive figures. This transaction is part of our arbitration programme and meets the financial targets set by our shareholder."
Charming architecture by André Jacqmain
These twin buildings dating from the 1980s and named after the second daughter of the former King of the Belgians, Leopold II, symbolize the entrance to the highly sought after Avenue Louise in Brussels and, according to the architect, represent a meeting between the work of the facade and its ornamentation, a clean break from the functionalism of previous decades. The facade elements were conceived as an embroidery of stones blending past with present. Each building comprises a ground floor and seven floors of offices. The ground floors house luxury boutiques and a bank.
The buildings combine original charm and recent renovations, resulting in a prestigious work place that is both comfortable and practical.
AG Real Estate consulted Savills and CBRE on the marketing and Loyens & Loeff on legal matters.