Media Gardens of Atenor sold to Optima Financial Planners
CB Richard Ellis advised IDM SA, a subsidiary of Atenor Group, in the transfer of the remaining phases of the project “Media Gardens” to Optima Financial Planners, the Belgian market leader in personal financial and tax planning for corporate managers, independent professions and wealthy people.
Media Gardens
The Media Gardens is located between the chaussée de Louvain and the rue Henri Evenepoel, near Meyser. CB Richard Ellis was mandated by IDM S.A., to confidentially approach the market and find a buyer for the “Media Gardens” project. In less than 6 months CB Richard Ellis assisted IDM S.A. in finalizing the deal and the negotiations.
The entire project, representing 25.000 sq m, consists of 281 apartments spread out over several buildings. The transaction concerned the remaining phases of the project, namely 206 apartments spread out over 4 buildings. The site is located in Brussels. The first phase of the project was already transferred to Aedifica (Sicafi) and included 75 apartments.
The Atenor Group is a real estate property promotion company quoted on the NYSE Euronext Brussels. The actual realization of the sale of the remainder of the project entails some further practical steps and is subject to the suspending condition of obtaining a construction permit.
According to Therecia Landell, Head of Development and Partner at CB Richard Ellis:“the Brussels residential market has performed strongly over the past few years. Apartment’s and single family homes prices have been growing by respectively 8% and 10% annually between 2004 and 2008. The outlook for the Brussels residential market remains solid. Properties values are holding up well amidst the economic slowdown".
Demand for good quality products especially is well supported. On the supply side, the residential market is not overgrown with new developments and therefore substantial expansion and redevelopment opportunities continue to exist. Nearly 4.000 building permissions were issued in the Brussels capital in the current of 2008.
Belgium