Annual Report 2018
Annual Report 2018
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Center

Belgium

In 2018, we have pursued our development plan consisting in the signature of high standing architectural projects, especially in Brussels. ADEL YAHIA,
CHIEF DEVELOPMENT OFFICER

 

557,400 M² 
Total of Belgium Porfolio

99,800 M²
Offices 

4,378
Residential Units

408 HA
Landbanking

Residential
Offices
Mixed-use
Landbanking development
Landbanking

Market Analysis

Residential

  • Median Belgian house prices rose 3.9 % to EUR 223,333 (through Q3 2018) and apartment prices 2.5 % to EUR 182,000.
  • Residential construction is very strong, completing a record 43,000 new apartment units last year.
  • Institutional investors are showing greater interest in bulk sales/ multi-family residential investment.

Offices

  • Brussels office take-up of 388,000 m2 in 2018 was perfectly in line with the last decade.
  • Flexible office activity in Brussels reached a record 64,000 m2 or16% of total activity.
  • Total CRE investment of 5 billion EUR in Belgium is one of the largest volumes recorded.

Landbanking 

  • Belgium is the most built-up major country in Europe, with buildings covering upwards of 6 % of total land.
  • Out-of-town development can be challenging, as cities are promoting in-fill and density to protect city centres.
  • The trend of office conversion to residential use continues, with land incidences in the Brussels decentralised markets achieving 700 to 1,000 EUR/m2.

Our projects in Belgium

  • Slachthuissite - Antwerp

    240,000 M²

    Slachthuissite - Antwerp

    • Design in progress.
  • Universalis Park - Brussels

    110,000 M²

    Universalis Park - Brussels

    • Phase 1: 15,000 m² - 90 % sold.
      Phase 2: ± 40,000 m² - submission of planning permission and environmental permit Q4 2018.

  • O'Sea - Ostend

    88,500 M²

    O'Sea - Ostend

    • Phase 1 (O’Sea Charme): ongoing - 80 % sold.
    • Phase 2 (O’Sea Beach): planning permission submitted in May 2018.
  • Belair (RAC 4) - Brussels

    58,100 M²

    Belair (RAC 4) - Brussels

    • The impact study procedure on the environment was completed and the amended permit was filed at the end of November 2018 for a projectdeliveredbythearchitect Max Dudler.
    • The public enquiry phase for the permit will start at the beginning of 2019.
  • Ernest - Brussels

    50,000 M²

    Ernest - Brussels

    • Phase 1: Residence for students and the elderly - 100 % sold and delivered in full.
      Residential spaces: 99 % sold and deliveredinfull.
    • Phase 2: Apartments for sale (more than 80 % sold), retail, kindergartens and liberal professions on sale. Construction site ongoing.
      Hotel part - 100 % sold.
      Parking “Keyenveld” - 53 % sold.
  • Vue Verte - Jambes

    17,500 M²

    Vue Verte - Jambes

    • Phase 1: 93 apartments - 18 % sold.
    • Phase 2 et 3: 98 apartments - forseen in 2020.
  • Parc Seny - Auderghem

    13,200 M²

    Parc Seny - Auderghem

    • Construction works ongoing.
    • Definitive amending permit obtained in Q4 2017.
    • Marketing started in June 2017 - 68 % sold.
  • Royal Louise - Brussels

    8,000 M²

    Royal Louise - Brussels

    • Executable planning permission obtained in Q3 2017.
    • Works have started Q1 2018.
    • Sales have started and 74 % of the apartments have already been sold.
  • Koningslaan - Knokke-Heist

    5,300 M²

    Koningslaan - Knokke-Heist

    Permit issued in March 2018, appeal of residents in consideration at the Raad voor Vergunningsbetwistingen.

  • 'T Zout - Coxyde

    4,700 M²

    'T Zout - Coxyde

    • Start of commercialization in Q3 2017.
    • Start of construction Q4 2017.
    • 25 units out of 54 sold – 65 % sold.
  • Möbius - Brussels

    60,000 M²

    Möbius - Brussels

    • Permits obtained in December 2017.
    • Tower I (fully occupied by Allianz): the definitive program has been developed.
    • Tower II: contacts with potential occupants have been made, without concrete discussions yet.
  • Cala - Liège

    20,000 M²

    Cala - Liège

    • Construction began at the beginning of August 2018, and the end is scheduled for Q4 2020.
    • Tenancy agreements 45 % signed - advanced negotiations for 25 %.
  • Belliard - Brussels

    13,800 M²

    Belliard - Brussels

    Design in progress.

  • Cours Saint-Michel - Brussels

    70,000 M²

    Cours Saint-Michel - Brussels

    • The purchase deed was signed on 22 March 2018.
    • Leaseback by ING for 5 to 7 years starting from this date.
    • Program in development.
  • Key West - Anderlecht

    63,000 M²

    Key West - Anderlecht

    • Design in progress.
    • Architects Henning Larsen and A2RC.
    • Permit application to be filed in Q2 2019.
    • The planning permit is expected to be granted at the beginning of 2020.
  • De Brouckère - Brussels

    43,800 M²

    De Brouckère - Brussels

    • Architect Henning Larsen joined the project team.
    • Development of the plans is under way.
    • Submission of the permit Q2 2019.
    • The planning permission should be obtained by the beginning of 2020.
  • Lebeau - Brussels

    41,500 M²

    Lebeau - Brussels

    • The architects MLA+ and KSA were appointed following the international competition.
    • The program is defined and the building permit plans are currently being drafted.
  • Îlot Saint-Roch - Nivelles

    26,000 M²

    Îlot Saint-Roch - Nivelles

    • First phase of remediation finalized and approved.
    • Optimization of the program.
    • An agreement with the town hall was reached in Q3 2018 for a denser and more dwelling-focused project.
    • Permit granted for Q4 2019.
  • Vaartkom - Louvain

    13,500 M²

    Vaartkom - Louvain

    • Obtention of a planning permission in Q4 2017.
    • Construction works started in Q2 2018.
    • Renovation work started.
    • Cooperation agreement concluded with an operator of serviced residences.
    • All service flats are sold in Q4 2018 to an international investor.
  • Domaine des Vallées - Grez-Doiceau

    37,000 M²

    Domaine des Vallées - Grez-Doiceau

    • 93 % sold.
  • Les Cinq Sapins - Wavre

    8,800 M²

    Les Cinq Sapins - Wavre

    • All main services have been provided for the plot, and temporary reception took place in October.
    • Building permits were granted for the houses and for one of the two apartment buildings, mounting to 41 units out of 60.
    • The permit for the second apartment building is currently under scrutiny.
    • 7 reservations were signed (6 apartments and 1 house).
  • Astene - Astene

    173 lots

    Astene - Astene

    Land division permit obtained for 173 lots, preparation for the urban construction permit to build houses and apartments.

  • Middelkerke - Middelkerke

    119 lots

    Middelkerke - Middelkerke

    • Sale of 8 lots (authenticated deed).
    • Contract of sale signed with Havenzijde bvba for 15 extra lots.
  • Le Verger Fayenbois - Grivegnée

    109 lots

    Le Verger Fayenbois - Grivegnée

    Excellent sales year with 31 signed deeds.

  • Rue Docquier - Waremme

    45 lots

    Rue Docquier - Waremme

    5 deeds of sale signed.

  • Longchamps - Eghezée

    34 lots

    Longchamps - Eghezée

     10 deeds of sale signed.

  • Achêne - Achêne

    32 lots

    Achêne - Achêne

    8 deeds of sale signed.

  • Lichtenbusch - Lichtenbusch

    21 lots

    Lichtenbusch - Lichtenbusch

    6 first deeds of sale signed.

  • Evergem - Evergem

    9 lots

    Evergem - Evergem

    Work on the road network completed at the end of the year, and 7 deeds of sale signed.