News release

JLL has successfully advised CORES Development on the sale of a CORE hotel investment opportunity in Antwerp, Belgium

JLL has successfully advised CORES Development on the sale of Oeverloos NV shares, owner of the development project Motel One, located in the heart of Antwerp, to clients of abrdn

June 14, 2022

Alex Park

Marketing Communications Senior Manager, EMEA
+44 20 7852 4179

Motel One, a leading European affordable hotel chain, has signed a 27-year long lease on the site. The project will comprise 221 rooms spread over two blocks equating approx. 7.500 sqm, with amenities including a bar, meeting rooms, a breakfast area and a courtyard. The project will adhere to the latest environmental standards, aiming to achieve BREEAM EXCELLENT certification by Q2 2024.

Alexandre De Wagheneire, Senior Director, Belgium Capital Markets at JLL comments: “This transaction demonstrates the increasing interest of institutional investors in the Antwerp real estate investment market. It is also great to see Antwerp attracting foreign capital. There is a clear opportunity for upcoming new developments which makes us confident that Antwerp will continue to be one of the main cities shaping the Flanders real estate 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 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 and look forward to working with CORES Development to deliver this exciting project.” 

Peter Leyssens, Managing Partner of CORES Development, noted: “This project adds a new concept to our portfolio in 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 two years.”

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit