JLL successfully advises CORES Development in the sale of a CORE hotel investment opportunity in Antwerp

JLL Belgium is happy to announce the JLL Belux Capital Markets team, in close collaboration with JLL EMEA Hotel Capital Markets, is delighted to have successfully advised CORES Development in the sale of 100% of the shares of Oeverloos NV, owner of the development project Motel One, located in the very coveted ancient city centre in the heart of Antwerp, to clients of abrdn.

Motel One, the leading budget design hotel chain in Europe, has signed a 27-year long lease on the site, where the project will comprise 221 rooms spread over 2 blocks equating approx. 7.500 sqm, with multiple amenities such as a bar, meeting rooms, breakfast area and a green inner courtyard. The project will also answer to the latest environmental standards, targeting a BREEAM EXCELLENT certification, and has an estimated delivery date in Q2 2024.

Alexandre De Wagheneire, Senior Director, Belgium Capital Markets at JLL comments: “This transaction clearly demonstrates the increasing interest of institutional investors in the Antwerp RE investment market. It is great to see the outstanding fundamentals of the city are being noticed and that Antwerp is actively and increasingly part of the search criteria of foreign capital. This also shows there is a clear opportunity for upcoming new developments which makes us very confident that Antwerp will continue to be one of the main cities shaping the Flanders RE investment market.”

Jurrian Dompeling, Senior Vice President, EMEA Hotel Capital Markets at JLL adds: “We are delighted to have advised our client on this forward funding transaction, partnering them with clients of abrdn for this development. The strength of the location, tenant and product appealed to a wide range of European and UK institutions.

Vincent Behagel – Head of Transactions and Asset Management for Belgium commented: “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 to it and look forward to working with CORES Development to deliver this exciting project.” The purchaser was advised advised by Baker McKenzie and Deloitte.

Peter Leyssens, Managing Partner of CORES Development, adds: “This project adds a new concept to our portfolio on 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 2 years”. The vendor was advised by Stibbe and Clifford Chance.

 JLL would like to once again thank and congratulate CORES Development and abrdn for this achievement as well as the outstanding collaboration!