Abrdn buys Belgian hotel site

Abrdn has bought a hotel development site in the Belgian city of Antwerp from CORES Development for an undisclosed amount.

Motel One has signed a 27-year long lease on the site. The project will comprise 221 rooms spread over two blocks equating approx. 7.500 sqm, with amenities including a bar, meeting rooms, a breakfast area and a courtyard.

The project aims to achieve BREEAM EXCELLENT certification by Q2 2024.

JLL advised CORES Development on the sale.

What They Said

Alexandre De Wagheneire, senior director, Belgium Capital Markets at JLL, said: “This transaction demonstrates the increasing interest of institutional investors in the Antwerp real estate investment market. It is also great to see Antwerp attracting foreign capital. There is a clear opportunity for upcoming new developments which makes us confident that Antwerp will continue to be one of the main cities shaping the Flanders real estate investment market.”

Vincent Behagel, head of transactions and asset management for Belgium at Abrdn, said: “The core city centre location and attractive design with strong ESG credentials were key factors in our interest in this opportunity. With Motel One already being a tenant across our global abrdn portfolio, we are delighted to add another Motel One hotel and look forward to working with CORES Development to deliver this exciting project.” 

Peter Leyssens, managing partner of CORES Development, said: “This project adds a new concept to our portfolio in a fantastic location in our own city. We are very pleased with this sale and look forward to a pleasant and smooth collaboration with abrdn and Motel One over the next two years.”