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Banimmo halves losses and concentrates on Belgium

Banimmo has just published its annual results for the year 2019. Last year, there was a radical restructuring and many buildings went out of the door.
Globally, the occupancy rate of the real estate portfolio improved slightly from 87 to 91.5 percent.
In 2019 Banimmo withdrew from France. The real estate developer can now fully focus on its activities in Belgium.

The results just published by Banimmo for the 2019 financial year reveal some of its major activities in Belgium, where individual assets are concerned.

In the Brussels commune of Forest, Banimmo has redeveloped the ground floor of the former Diamond Building for what is now Networks Forest, installing a lounge, fitness centre, cafeteria and meeting rooms. Remaining with Networks, but this time in the North District, the developer began works to renovate the 14,000 m² of space to a quality level attracting BREEAM Outstanding certification. In the Loop (Ghent) a third Networks centre is also in the news, Banimmo having obtained the permits to construct two buildings totalling around 15,000 m². Banimmo has also been active with sites in Louvain-la-Neuve (ING activities centre, photo) and Charleroi.

Where acquisitions are concerned, there were not any to report in 2019, but a number of buildings were sold. These included the Golf Hotel at the prestigious golf course in France, and the sale of part of a building at Haren (Brussels) to citydev. The French deal marked the withdrawal of Banimmo from France, leaving it to concentrate on Belgium.

Where the bottom line of the financial results is concerned, all of the company’s activities led to a halving of the loss from 2018 to 2019: - € 5.5 million to - € 2.7 million, with operational results also having almost halved, from € - 3.3 million to € - 1.8 million.
Tim Harrup
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