BRUSSELS-Locally-based Fortis Real Estate has changed its name to AG Real Estate, and in doing so affirms its affiliation with a large financial services group, with significant capacity for investment. After splitting from the Fortis group at its acquisition by BNP Paribas, Fortis Insurance Belgium last year changed its name to AG Insurance.
The newly-renamed AG RE will have an immediate investment budget of $626 million, around 8% of total assets of the AG group, which are now around $7 billion. The real estate unit now employs 200 people in asset management and development, together with almost 1,900 in public car-park management across seven countries.
The company’s France group is present in Gennevilliers, with a development project totaling 1.6 million square feet, on which it aims to construct a new headquarters for the Ch
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