Motown acquires Thines Reale Estate to develop 1,250 housing units in Nivelles

HOUSING
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At the end of 2015, Thines Real Estate, under the leadership of Olivier Goldberg and Philippe Ponlot, acquired the disused IdemPapers paper mills (Arjo Wiggins) located to the South of Nivelles. The company obtained a license for disposal and a programme to develop some 1,250 new housing units and a new school in phases on the site now named ‘Val de Thines’.

Thines Real Estate has just been acquired for some 25 million Euros by Motown Development. The developer will shortly start the cleansing of the site, entirely at its own cost without any public subsidies. Lionel Hepner, Managing Partner of Motown Development, intends to make this project an example of transforming a former industrial eyesore.

The first phase, a plot of land of 1.5 hectares located in the vicinity of Nivelles centre, will see the construction of nine buildings with 263 housing units. It will also include around 320 underground parking spaces. The first 85 housing units will be developed in partnership with Belfius Immo, the real estate arm of Belfius bank, which will have the possibility of promoting this targeted development to customers within its own distribution network.

The building permit is expected shortly. The construction and marketing of the first phase is scheduled for the beginning of next year.

Read more in L’echo report [ À Nivelles, le projet Val de Thines passe sous contrôle de Motown Development ]>>