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Allfin takes large stake in Immobel

There has been a major joining of forces within two of the most prominent players on the Belgian real estate development market. Allfin has purchased the 29.85% stake from Cresida Investment in Immobel, for a price equating to € 44.70 per share. Allfin is a Belgian holding company with more than thirty entities located in Belgium and Luxembourg and is specialised in the development of high-end office buildings along with residential, commercial and mixed-use projects in Belgium and Luxembourg. It was established in 2001 and is 100% in the hands of Marnix Galle. It has a consolidated equity of € 120,000,000 and has, over the past 13 years, developed over 220,000 m² residential, office and retail space for more than € 790,000,000. Allfin has a staff level of 40 in Belgium and Luxembourg, working on land banking, design and build, letting and sales. Allfin has a high-quality pipeline (166,000m2) and is currently best known for the ongoing redevelopment of exceptional sites such as the former head office of Solvay in Ixelles (Ernest project) and the historical headquarters of the ASLK/CGER bank in the heart of Brussels (Chambon Project, photo). It also has very well located sites such as Belview (European Quarter), Vesalius (centre of Leuven) or Lakefront (Knokke). For its part, Immobel is a Belgian real estate developer established in 1863. It has a balanced portfolio of projects worth € 403 million.. In terms of projects, this represents around 235,000 m2 of offices, approximately 3,200 housing units and nearly 425 ha of land. Its business covers the office, residential and landbanking sectors, as well as, when the opportunity arises, retail, ensuring the diversification of its portfolio of projects. The core of Immobel’s assets lies I n Belgium and Luxembourg, with an expansion towards Poland. One of its most prominent current projects is ‘Black pearl’ in the heart of the European district of Brussels. Marnix Galle, CEO of Allfin, comments: “Allfin is proud to have become the reference shareholder of Immobel. It has the intention to be a long term and active shareholder and to take its responsibility in assisting Immobel in its growth and profit model. I look very much forward to working closely with the Immobel management to ensure that all stakeholders, shareholders and personnel benefit from this acquisition”.

Chambon is right in the heart of historic Brussels
[+] Chambon is right in the heart of historic Brussels

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[+] Belview © Jasper-Eyers Architects

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[+] Marnix Galle, CEO of Allfin

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[+] Chambon - rue Fosse aux Loups

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[+] Blackpearl

| 01/10/2014

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