Royal Park has its first tenant
Royal Park, a real estate project being redeveloped by the Belgian developer Baltisse, has just found its first major tenant, CVC Capital Partners.
July 8, 2022
Royal Park, a real estate project being redeveloped by the Belgian developer Baltisse, has just found its first major tenant. Indeed, CVC Capital Partners, which has been based in Luxembourg since 2003 and is ranked among the top 5 private equity firms in the world, has just signed a very long lease for almost 3,000 m² of office space on the top 4 floors.
Royal Park will be a stunning redevelopment of an existing building, of which only the basement areas and the concrete frame were used as a basis for the reconstruction.
Guy Degryse, Country Director RE of Baltisse, says: “The building benefits from many strengths that make it an exceptional redevelopment, part of a sustainable development approach, including an excellent structure, an interesting building size, and a plan that favors exterior views and natural light. Yet, this redevelopment presented some challenges in order to erase some of the remnants of a past architecture while integrating state of the art techniques. From a user's point of view, this also allowed us to maintain an excellent parking ratio that will allow us to welcome the building's occupants in the best conditions.”
CVC Capital Partners did not hesitate very long to share its interest for this building. Indeed, as Pierre Denis, Managing Director, Financial Controller of CVC Luxembourg explains: “We have been immediately seduced by the "Royal" location and the excellent positioning of the building in the Central Business District of Luxembourg. With the park in front of our future offices, I can confirm that Royal Park has been unanimously approved by our management and our employees and that we are looking forward to meet again at the end of 2023 in this excellent working environment”.
CBRE, who assisted in this transaction alongside Baltisse, adds by Frank Rosenbaum, Executive Director/Business Development: “There are marriages that happen at first sight, and this was the case between CVC and Baltisse. Indeed, this transaction was settled in record time, as each party had understood what the other was expecting. And I can assure you that it is a pleasure in our business to be involved in a transaction that is conducted in such a professional, constructive and pleasant manner by all parties involved”.
Located at the corner of Boulevard Prince Henri and Avenue de la Porte-Neuve, Royal Park is a project of 10,490 m² of office space distributed over a garden level + 11 floors, as well as 5 basement levels housing 124 parking spaces and 911 m² of archives.
Further discussions with potential tenants are being finalized and the building is expected to be fully occupied upon delivery in the second half of 2023.
Baltisse is a leading investment company focused on creating value through entrepreneurship, bringing together people with the ambition to achieve excellence and the spirit to act like owners, who understand that fact and data driven decisions and risk taking are the foundations of success.
Baltisse is based in Ghent and was founded in 2007 by entrepreneur Filip Balcaen.
About CVC Capital Partners
CVC Capital Partners is one of the ten largest private equity firms in the world, with €125 billion in assets under management, €155 billion in committed funds, and a global network of 25 local offices: 16 in Europe and the Americas and 9 in the Asia-Pacific region.
CBRE Luxembourg is part of CBRE Group, Inc. which is the world’s largest commercial real estate services and investment firm, with 2020 revenues of $23.8 billion and more than 105,000 employees (excluding affiliate offices).
CBRE has been included on the Fortune 500 since 2008, ranking #128 in 2020. It also has been voted the industry’s top brand by the Lipsey Company for 20 consecutive years, and has been named one of Fortune’s “Most Admired Companies” for nine years in a row, including being ranked number one in the real estate sector in 2021, for the third consecutive year.
Its shares trade on the New York Stock Exchange under the symbol “CBRE.”’
In Luxembourg, approx. 35 employees have been advising our clients on commercial real estate since 2008.