‘Networks NØR’ office building is sold to the Belgian State

Didier Van Den Eynde

End of December, the developer Banimmo signed the sale agreement with the Belgian Buildings Agency, which manages all Belgian State assets. Laurent Calonne, CEO of Banimmo comments "With this transaction, our company proves that it is again capable of developing and completing large projects, with financial success. I am convinced that this will restore the confidence of investors, financial institutions, business partners and shareholders”.

The acquisitions of both the ‘Networks Nor’ and ‘Möbius II’ office buildings are important milestones of the Belgian State new real estate strategy. After years of favoring the rental of buildings rather than the purchase, the Belgian Buildings Agency, is to reverse its strategy by acquiring, and not renting, new buildings. Its objective is to invest 5 billion Euros over the next 10 years to put the State's real estate assets back into working order and adapt them to new needs in terms of working methods.

The Agency intends to build a portfolio of greener and more energy efficient assets. Networks NØR’ fits this objective as it is a passive office building granted with a "BREEAM Outstanding" sustainability certificate. The construction of the 14,000 m2 workspaces of NETWORKS NØR in the Brussels North district is expected to be completed in the first quarter of 2022.

Stock-listed on Euronext since 2007, Banimmo has more than 20 years of expertise as real estate developer. The company has a development potential of projects for more than 280.000 m2. In 2019 Patronale Life's entry into the capital as main shareholder has given the new management access to financial leverage and short decision lines.