BNP Paribas REIM Belgium, on behalf of Next Estate Income Fund III (NEIF III), and CDC Investissement Immobilier, on behalf of Caisse des Dépôts, have recently acquired, in a joint venture with AG Real Estate & Macan Laine Holding, all the shares of Immobilière de la Laine, which owns the Tweed project, a new 16,000 sq.m. office building located in Brussels.

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Tweed is strategically located in the center of Brussels, in the Pentagon district, next to the Palace of Justice and the Boulevard de Waterloo. Close to a large number of institutions, it is ideally located near luxury boutiques, renowned restaurants and prestigious hotels. In the heart of the legal district, the building benefits from excellent accessibility, with metro and tramway stations within walking distance.

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Delivered in the third quarter of 2021, this new asset incorporates the most stringent requirements in terms of comfort and occupancy. Altiplan, the architectural firm in charge of the renovation, has made Tweed a modular, flexible, light-filled building with high environmental performance. Featuring one of the most efficient passive architecture techniques for offices, it will be certified BREEAM excellent. A large rooftop terrace offers spectacular panoramic views of the city and the nearby Palace of Justice.

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Tweed is already more than 90% occupied by four quality tenants: DLA Piper, Spaces, Stepstone & Immoweb and the Brussels Regional Investment Company, with an average remaining lease term of more than 10 years.

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Next Estate Income Fund III, a pan-European open-ended fund managed by BNP Paribas REIM, offers international institutional investors diversification in the Eurozone office sector and targets a distribution rate of 4% per annum, with a strong focus on sustainability. In 2021, the fund wanted to illustrate its commitment by choosing an SFDR 8 classification.

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Dorothea Koestler, Fund Manager for BNP Paribas REIM, comments: "This acquisition also illustrates BNP Paribas REIM's ability to offer joint venture investment opportunities to institutional investors alongside our institutional funds, in the context of long-term partnerships."

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CDC Investissement Immobilier comments: "This joint venture acquisition with a long-term partner, which strengthens our development in Europe, is perfectly representative of our international real estate strategy, flexible in terms of risk profile (from core/core+ to value-add), but focused on undisputed locations in the center of major European metropolises and on assets with the latest standards (on acquisition or eventually after restructuring, if necessary)."

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BNP Paribas REIM and CDC Investissement Immobilier were advised by Loyens & Loeff, Cushman & Wakefield, ProGroup and EY.