Engels Group sells Paardenmarkt buildings to ICN Development

Tim Harrup

A change of ownership for a substantial site of some 10,000 m² has been announced in Antwerp city centre in the vicinity of Italielei . Engels Group sells its buildings to project developer ICN Development. The site incorporates several interlinked buildings on the Hessenplein, Paardenmarkt and Stijfselrui . Liesbet Janssens of ICN Development explains the extent of the project: “This is an ambitious project, which we will implement with great care and respect. The redevelopment involves a surface area in excess of 10,000 m², with a sophisticated mix of residential and work areas following a very smart concept, in which the authentic Engels buildings will be partially retained.” Works are are scheduled to start in 2023

This transaction forms part of a wider restructuring by the Engels group. It is to move to the Malle industrial zone in 2022. In Malle, cousins Jan and Marc Engels, who are the current managers of Engels Group (founded in 1927) and the 3rd generation of the family business, searched for and found the perfect location to continue to realise the development ambition of Engels Group. Jan Engels explains: “From the very beginning in 1927, the Paardenmarkt has always been our home base. Over the years, we have purchased several properties in the surrounding streets: Nieuwe Gang, Stijfselrui, Stijfselstraat and Hessenplein. But the centre of Antwerp is now no longer the ideal site to continue growing. In order to facilitate our continued growth, we will unite all activities of the Engels Group in a modern logistics centre in Malle, on a 70,000 m² site. We look back with great satisfaction and nostalgia at the good times we were lucky enough to experience at the Paardenmarkt in Antwerp. At the same time, we are looking forward with great enthusiasm to the future and to our start in Malle in May 2022. We will in any case incorporate our history from the Paardenmarkt in Antwerp into the new building.”

With a turnover of 36 million Euros, the Engels Group is made up of four business units: Thermo Comfort (HVAC), Engels Surfaces (solid surface specialist), Engels Electro Groothandel (wholesaler) and Engels Health Care.
For its part, ICN Development from Hoogstraten operates in Belgium and in the Grand Duchy of Luxembourg and has more than 35 years of experience in real estate.