Acquisition of Passport office development at Brussels Airport for €131 million

AXA Investment Managers - Real Assets acquires Passport office development at Brussels Airport for €131 million

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real asset investments and the leading(1) real estate portfolio and asset manager in Europe, announces that it has agreed to acquire, on behalf of one of its clients, a long leasehold right on the Passport office building at Brussels Airport for € 131 million, from CODIC, one of Belgium’s most established real estate developers.

Passport is a fully let, brand new BREEAM “Very Good” multi-tenanted office building that was delivered in March 2018 and is located alongside both the main passenger terminal and runway at Brussels Airport. Comprising c. 28.375 sqm of GLA over two interconnected wings and including 361 parking spaces, Passport is 100% let to four high quality international global businesses, with an average lease term to break of over 15 years.

The building is one of only two offices that afford unobstructed views over the airport runway and its location directly adjacent to the airport terminal, allows tenants to benefit from the wide range of retail, dining and other amenities on offer, as well as an on-site high-end hotel.

The airport is just 12 kilometres or 10 minutes by train from Brussels city centre, and is served by numerous bus lines, as well as by trains which also connect directly to a number of Belgium’s second cities. With a location next to Brussels’ outer ring road, the property also benefits from private access routes and direct access to the main motorways that connect with Ghent, Antwerp, Liège, Louvain and Namur. From 2020, a new 20-kilometre tram line will also connect the North-West of Brussels to the airport.

Nicolas Renders, Head of Asset Management Benelux at AXA IM - Real Assets, commented: “We believe that Passport’s location within the Brussels Airport complex, its high quality specifications and blue chip tenant base provide us with an opportunity to generate long term sustainable returns for our client. Furthermore, the property is also well positioned to benefit from the continued expansion of the wider complex as part of the airport’s long-term development plan.

“This acquisition of this high quality office asset also further highlights our capabilities in sourcing and acquiring attractive core opportunities on behalf of our clients.”

– ENDS –

1 Source: INREV/ANREV Fund Manager Survey – May 2017 – in terms of assets under management


Press Contacts

AXA Investment Managers - Real Assets
Charline Coué, Media Relations Manager
Jocelyne Tamssom, Head of Communications
Tel: +33 1 44 45 97 95

FTI Consulting Inc.
Richard Sunderland, Richard Gotla, Ellie Sweeney, Tom Gough
Tél: +44 20 3727 1000

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Note to editors

AXA Investment Managers is an active, long-term, global multi-asset investor. We work with clients today to provide the solutions they need to help build a better tomorrow for their investments, while creating a positive change for the world in which we all live. With approximately €746 billion(1) in assets under management as at end of December 2017, AXA IM employs over 2,390 employees around the world and operates out of 30 offices across 21 countries.

AXA Investment Managers - Real Assets has €76 billion in assets under management, including €57.9 billion in direct property & infrastructure and €14.2 billion in real asset finance as of end of December 2017(2). We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(3), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 650 people in 13 offices that operate in over 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

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1 Source: AXA IM unaudited data
2 Source: AXA IM - Real Assets’ unaudited data
3 Source: INREV/ANREV Fund Manager Survey – May 2017 in terms of assets under management


This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by the Financial Conduct Authority. This is for information purposes only. No financial decisions should be made on the basis of the information provided. Past performance is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise.