ION Residential Platform and Thomas & Piron sign build-to-rent transaction in Namur
2 October 2023
ION Residential Platform (IRP) acquires 100% of the shares of Asty Moulin Properties, the company owning the Limosin development within the “Asty Moulin” project, developed by Cœur de Ville (Thomas & Piron). IRP is the joint venture between ION, Bouwinvest and CBRE IM, investing in sustainable and affordable rental housing in key cities in Belgium.
The transaction is subject to the completion of the building, which is expected in the summer of 2025. Coeur de Ville and Thomas & Piron Bâtiment will ensure the development of the building until delivery.
Limosin is the second phase of the “Asty Moulin” project, entailing the redevelopment of the former “emaillerie” just north of the city centre. It is one of the largest residential development projects in Namur. Located in the Saint-Servais district, the neighbourhood is rapidly evolving and benefits from an excellent accessibility. After full completion, the mixed-use scheme will have more than 330 apartments, 2.500m² services and commercial areas, a school and 341 parking spaces. The project architects are “L’Atelier de l’Arbre d’Or” and “Qbrik Architects”.
Joël Polus, CEO at Coeur de Ville said: “This urban redevelopment project integrates all of the company's expertise, both in terms of project development and construction: the choice of location, a few minutes from the city center and its accessibility and facility centers , construction and renovation techniques for existing buildings, or even developments regarding sustainability.”
The 5.400 sqm Limosin building will include 62 rental apartments, ranging in size from 48 to 132 sqm, and 46 underground parking spaces (in the previous phase). The apartments will be very sustainable with EPC A labels. The building will be entirely free of fossil fuels thanks to the use of heat pumps and will also be equipped with photovoltaic panels. As such the apartments will be among the most sustainable on the Namur market.
Sam Bordon, Head of Investment at ION said: “On the back of high inflation and interest rates, we notice a very strong demand for affordable rental units across major cities in Belgium, including Namur. This was a great opportunity to acquire a state-of-the art sustainable building in the city. The emphasis on sustainability and affordability align perfectly with the goals of our investment strategy.”
Thomas & Piron was advised in this transaction by Linklaters. ION Residential Platform was advised by Stibbe (legal) and PwC (tax).
About ION Residential Platform
ION Residential Platform is a strategic partnership between one of the leading Belgian real estate developers, ION, and the institutional asset managers CBRE Investment Management and Bouwinvest Real Estate Investors. Together, we invest in affordable, qualitative and sustainable rental housing in key urban areas across Belgium.
About Coeur de Ville / Thomas & Piron Bâtiment
Coeur de Ville and Thomas & Piron Bâtiment are subsidiaries of the Thomas & Piron group.
The Thomas & Piron group operates in the construction, property development and civil engineering sectors. Founded 47 years ago, it is now the market leader in housing in Belgium, has a strong presence in the Grand Duchy of Luxembourg and is expanding in France, Switzerland, Portugal and Morocco.
Its corporate culture is based on values shared by its 3,352 employees and respect for the identity of the companies it acquires, making it a highly valued employer.