JLL Successfully Advises CORES Development on the Sale of a Core Hotel Investment Opportunity in Antwerp, Belgium

BRUSSELS, June 13, 2022 - JLL Belgium is pleased to announce that the JLL Belux Capital Markets team, in close collaboration with JLL EMEA Hotel Capital Markets, has successfully advised CORES Development on the sale of 100% of the shares of Oeverloos NV, owner of the Motel One development project, located in the highly sought-after historic city center in the heart of Antwerp, to clients of abrdn.

Motel One, one of Europe's leading budget design hotel chains, has signed a 27-year leasehold agreement for the site. The project will comprise 221 rooms distributed across two blocks, totaling approximately 7,500 square meters, with multiple amenities including a bar, meeting rooms, a breakfast room, and a landscaped courtyard. The project will also meet the latest environmental standards, targeting BREEAM EXCELLENT certification. The anticipated delivery date is in the second quarter of 2024.

Alexandre De Wagheneire, Senior Director Belgium Capital Markets at JLL, comments: "This transaction clearly demonstrates the growing interest of institutional investors in the Antwerp real estate investment market. It is wonderful to see that the city's exceptional fundamentals are being recognized and that Antwerp is actively and increasingly part of the search criteria for foreign capital. This also shows that there are clear opportunities for future new developments, which gives us full confidence that Antwerp will continue to be one of the key cities shaping the real estate investment market in Flanders."

Jurrian Dompeling, Senior Vice President, EMEA Hotel Capital Markets at JLL, added: "We are delighted to have advised our client on this forward funding transaction and to have brought them together with abrdn clients for this development. The quality of the location, tenant, and product attracted a broad range of European and UK investors."

Vincent Behagel, Head of Transactions and Asset Management for abrdn in Belgium: "The city center location and attractive design combined with strong ESG credentials were the main attraction of this opportunity for us. As Motel One is already a tenant in abrdn's global portfolio, we are delighted to add another Motel One hotel and look forward to working with CORES Development to deliver this exciting project." The buyer was advised by Baker McKenzie and Deloitte.

Peter Leyssens, Managing Partner at CORES Development, adds: "This project in a fantastic location in our own city adds an additional dimension to our portfolio. We are very satisfied with this sale and look forward to a pleasant and harmonious cooperation with abrdn and Motel One over the next two years." The seller was advised by Stibbe and Clifford Chance.

JLL would like to thank and congratulate CORES Development and abrdn once again for this success and the excellent cooperation!