At the end of 2019, the pan-European investor Patrizia AG bought from Athora Real Estate Investments a real estate portfolio of seven buildings (offices and retail) valued at 190 million Euros. With this acquisition the total assets under management of Patrizia AG in Belgium and Luxembourg amounted to approximately 1.62 billion Euros.
The iconic Louise Tower (also known as the Generali tower), located in an upmarket district of Brussels, is the jewel of this real estate portfolio. Built in1966, the tower, offering around 30,000 m² of workspaces, is in need of a heavy renovation to meet today’s required levels of comfort, energy and environmental performance. Patrizia AG intends to invest 65 million Euros for the restructuring of the 25-storey office building which they wished to be completed by the end of 2023. The works will include a complete replacement of the facade and all mechanical and electrical equipment.
Patriza AG mandated TREEX for a technical audit of the state of the building both in terms of its construction and of its technical installations, and then commissioned it to evaluate the renovation project of the tower, delegated before the sale by Generali to A2RC architects and VK engineering for the special techniques. The analysis carried out by Treex focused on the architectural options selected, the work schedule and the budget for the operation.