Brussels’s first timber high-rise is now off the market after French fund Caisse d’Épargne et de Prévoyance Hauts de France acquired Monteco BV, the owner of the landmark Monteco building, in an off-market transaction valued at €28 million.
Strategically positioned at the corner of Rue Montoyer and Rue de l’Industrie in the EU district, the 3,760 square metre office tower sits on a 99-year leasehold granted in 2014 and includes 14 underground parking spaces.
Nextensa and ION redeveloped the building between 2020 and 2022, converting the former mid-rise into Brussels’ first high-rise office building with a full timber structure, capitalising on the EU’s new taxonomy. Wood Central understands that the project’s cross-laminated timber frame reduces embodied carbon compared with traditional concrete construction, while expansive glazing and exposed wood interiors showcase sustainable design.
Since its handover at the end of 2022, the building has been fully leased to Bank Nagelmackers under a long-term agreement, underscoring steady demand for modern, eco-friendly workspace in the heart of Europe’s political quarter: “Investor appetite for high-quality, sustainable office assets remains exceptionally strong,” said a spokesperson for Delta Real Estate AM, which advised the purchaser. “This deal confirms that timber-based construction and prime locations are a winning combination.”
Nextensa, listed on Euronext Brussels with a €1.1 billion portfolio spanning Luxembourg, Belgium, and Austria, specialises in large-scale, mixed-use urban regeneration projects, such as the Tour & Taxis district. ION, a leading Benelux developer with €3.1 billion of projects underway, is known for marrying architectural innovation with technical excellence and environmental sustainability.
- To learn more about the EU taxonomy and why it now makes sense for European developers to build new and retrofit existing assets using wood, click here for Wood Central’s special feature.
