Belgium real estate showcase 2011 by Business Interactive Media (Bimedia)

Showcase 2011 / BELGIUM REAL ESTATE

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TOWN PLANNING forthcoming projects

MARKET TRENDS PROJECTS

offices, retail, logistics

BEST STRATEGIES

investment, asset and property management

KEY PLAYERS

developers, local authorities architects, advisers

Tower UP-site © ATENOR – Architect : A2RC ARCHITECTS and Ateliers Lion

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n I n I n I n I

summary TOWN PLANNING 08 Urbain Loi 10 Belair 12 UP-site 14 Tivoli 15 Neo 16 Tours & Taxis 18 Uplace 19 The Loop 20 Antwerp centre & south

REAL ESTATE MARKETS & PROJECTS 24 30 32 38 41 42 46 48 51 52 55 58

Offices, oversupply on the Brussels market Brussels, prime offices to let Brussels, less speculative projects in the pipeline Antwerp, 2010 was an exceptional year Mechelen, easy access between Brussels and Antwerp Ghent, huge investments in new projects Liège, demand waiting to be satisfied Shopping centres, projects Retail top high streets: provinces gaining ground Logistics : stable market, stable demand, building freeze Logistics in Wallonia : 1 million m2 of buildings to be renovated Impact of multimodal transport on industrial property development

INVESTMENT STRATEGIES PROPERTY MANAGEMENT 62 64 66 68 72 74 76 78 81

Property finance : what outlook for the coming years ? Real estate development, converting obsolete offices to housing Investment strategy : diversification and quality are the keys Environmental certification Law and environment, from brownfields to green Logistics real estate financing, freeing up cash ! Occupancy Cost Index, first decrease for 5 years The impact of workplace design on vacancy Architecture and Facility Management join forces

Real Estate network 82 Company Profiles 111 Companies Index

BELGIUM REAL ESTATE SHOWCASE 2011 3

THE Belgian real estate market place The online directory publishes the coordinates of more than 550 companies -suppliers or potential partners- classified according to their field of activities

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Pro-RealEstate.be/network Connect with www.pro-realestate.be/network to find the key players in the real estate industry and suppliers who can help developers in their real estate projects and help real estate end-users to perform in their asset and property management. The Pro-RealEstate media are published by : Business Interactive Media sprl Avenue Louise, 475 BE 1050 Brussels TEL. +32 (0)2 669 77 65 I FAX. +32 (0)2 626 37 17 info@bimedia.be I www.bimedia.be

ADVERTISING Sigrid NAUWELAERTS snauwelaerts@pro-realestate.be

photo Editions & Séminaires / © Marie-Noëlle Cruysmans

DEBATE Keynote speakers at the debate of the ‘Sustainable City Districts’ seminar: from left to right : Denis Grimberghs (SDRB), Tamás Polster (DTZ), Isabelle Pauthier (ARAU), Vincent De Wolf (commune of Etterbeek), Isabelle Durant (European Parliament), Charles Picqué (Brussels Region), Laurence de Hemptinne (Editions & Séminaires), Christian de Portzamparc (Architect/ planner), Stéphan Sonneville (Atenor), Marie-Laure Roggemans (‘Madame Europe’), Cédric Mali (CBRE), Michel Pilette (com.realty).

Returning the city to its inhabitants ... O

ne of the major trends in Belgium over recent times has been to renovate entire city districts rather than just individual buildings. ‘Returning the city to its inhabitants’ is a much-used phrase, and this aspect was illustrated in a number of ways during the recent ‘Sustainable City Districts’ seminar organised in Brussels by Editions & Séminaires (Laurence de Hemptinne). Laurence de Hemptinne herself opened the seminar by explaining the challenges in terms of CO2 reductions, mobility, public transport… and it concluded with a lively debate. Speaking of the Brussels European district, an example which was covered at length during the seminar, Brussels Minister-President Charles Picqué said: “We have to create public spaces and conviviality, while also solving the problem of mobility. We need people living here in the city, for one reason because we need taxpayers!” The debate inevitably turned to the question of tower blocks. Christian de Portzamparc, the renowned French planner and architect who won the competition to set out the master plan for the ‘Projet Urbain Loi’ segment of the European district, put the emphasis on openness, views, public spaces and light. He compared the best practice of creating light and views, which is his intention here even where tower blocks are scheduled, to the situation in New York. “The inner courtyards of the buildings there”, he said, “are not wells of light, they are just wells of air. And if we can encourage pedestrians to come into these areas, the shops and restaurants which bring life to a district will come with them” he concluded. Voicing a doubt, Vincent De Wolf, mayor of one of the Brussels communes partly accommodating the European district, wondered whether it was financially possible to tell an owner of an existing building that it was to be demolished to make way for a public space. Atenor CEO Stephan Sonneville talked of the importance of mixed use districts, and said that Brussels was in a position to manage the long term while also taking care of short term needs. And Denis Grimberghs, head of the SDRB (Brussels Development Agency) pointed out that when mixed use districts were considering housing, it had to be remembered that society needed all types of residential accommodation, not just private apartments: social housing, old people’s homes…The ARAU (urban action research workshop) organisation’s director Isabelle Pauthier called for obligatory housing construction by the developers of offices, saying that Brussels needed this. And her point of view which was almost entirely against tower blocks, led to an important point, once again relative to creating a ‘living city’ from Tamás Polster, Head of Consulting Europe, and Middle East, DTZ: “We need good quality and large scale buildings near public transport hubs if we are to maintain and increase employment in the city”. A section on city district redevelopment projects can be found in this magazine, including those which are the responsibility of some of the speakers in the debate. Tim HARRUP n

BELGIUM REAL ESTATE SHOWCASE 2011 5

VAC at Ghent Saint Peter’s railway station Redevelopment of the area around Ghent Saint Peter’s railway station where a total development of 82,000 m² is planned along the Fabiolalaan. The Flemish authorities decided in September 2010 to construct a new Flemish Administrative Centre(VAC) in this zone with an area of 36,000m².

6 BELGIUM REAL ESTATE SHOWCASE 2011

photo © Atenor Group © SAQ

Belair in Brussels The Belair project developed by Breevast and Immobel extends to some 150,000 m² of which 35% is set aside for residential use. It is located in the centre of Brussels between the Botanical Gardens and the Congress Column.

UP-site in Brussels The UP-site project, developed by the Atenor group, fits into the Brussels City ‘Ground Use Plan’ which aims to convert the former industrial fabric on a 1.25 hectare into a large scale mixed urban ensemble. A 140 metre high residential tower, a collection of villa-style buildings and 30,000 M² of offices will be constructed along the Brussels canal on the Willebroek and Armateurs quaysides.

Town Planning

ollowing the perceived random nature of some town planning over past decades, many forwardlooking cities across Europe are now striving for a coherent method of providing for future needs. In this section, we have selected those projects in Belgium which can be considered to meet the fundamental criteria for being included in this category: projects of a ‘district-wide’ size, involving a high degree of mixed use, integrating mobility, and providing a real benefit to city-dwellers and commuting workers alike. One of the buzz phrases of the moment is ‘returning the city to its inhabitants’, and this clearly implies not just constructing vast office-only areas as has been done in the past – sometimes for the best of reasons – but which now seems to be a concept which has had its time. This is not to denigrate the many excellent and much-needed office developments still being undertaken and planned, but merely to highlight those projects which look to a wider scale and try, is it too much to say, to replicate the atmosphere of the cities of the past.

SUMMARY 08 Urbain Loi 10 Belair 12 UP-site 14 Tivoli 15 NEO 16 Tours & Taxis 18 UPLace 19 THE LOOP 20 Antwerp CENTRE & SOUTH

Other articles about town planning published in the ‘Belgium Real Estate Showcase’ previous edition, or in the Profacility magazine, can be consulted on www.pro-realestate.be/library. All articles are classified by date. They can be downloaded in PDF format either in French, Dutch or English.

BELAIR : a project bringing life to an entire district in the centre of Brussels (17/05/2010)

Brussels Master Architect: the future of the city is cellular (10/04/2010)

TOWN PLANNING I BRUSSELS EUROPEAN DISTRICT I

Urbain Loi

The Berlaymont building can be seen just above the tallest of the proposed new constructions.

a new beginning

he Leopold district of Brussels, commonly known as the European district because it is here that the European Union and Commission have set up most of their offices (Parliament, Council of Ministers…) is receiving particular attention from the regional authorities.

Christian de Portzamparc has been choosen for this major urban redevelopment.

Urbain Loi within the European district Total office space European district Urbain Loi existing Urbain Loi new

3,300,000 m² 470,000 m² 240,000 m²

Of which ‘Europe’ European district Urbain Loi existing Urbain Loi new

1,340,000 m² 170,000 m² 230,000 m²

Surface area: European district

328 ha

(There are a total of 35,000 inhabitants currently living in the European district; Urbain Loi alone will see 110,000 m² of new residential accommodation) Architectural competition winner: Atelier Christian de Portzamparc 8 BELGIUM REAL ESTATE SHOWCASE 2011

Cortenbergh, emerging in front of the Berlaymont. All of these measures are intended to reduce traffic in the district by 20% by 2018. The Region’s plans for Urbain Loi also have to be seen within the context of its stated aims for the entire zone: ‘The masterplan sets out measures to improve the quality and accessibility of public spaces, to conserve and find uses for the architectural heritage, to raise the architectural quality and environmental performance of the new buildings’. Mobility On top of these private transport measures, the district is set to see enhanced public transport facilities, including an automated metro system with substantially increased capacities, a new metro tunnel, and the expanded multi-modal nature of the Schuman railway station itself. The arrival of the RER system (Regional Electric Rail) is also scheduled, the latest date for full operations also set at 2018. On the real estate side, the European Union, quite clearly the district’s most important tenant, has accepted the idea that the area will become more mixed-use in nature. As well as preparing to install some of its future office requirements in other districts of Brussels, the EU is also preparing a new ‘Blue Book’ on constructing ‘greener’ buildings with better environmental performance. This has been a requirement of Brussels for public buildings since 2010.

The desire is to transform this most archetypal of ‘concrete office jungles’ back into a more liveable, human area. As with most city centre office districts in most cities, the Leopold district saw its original housing stock decimated to make way for office-dwellers. One of the urban factors which currently render this area even less ‘human’ is that it has the two main road thoroughfares serving the city from the east (the inbound Rue de la Loi and the outbound Rue Belliard), running right through its centre. These roads thus enable the Ring motorway to be reached in just a few minutes, with the entire European motorway network therefore close at hand and the airport just ten Function transfer minutes or so away by car. In terms of the future constructed make-up of Conviviality this district, some current office buildings will It is the Region’s intention to break up this ‘ur- be returned to residential use, and some of the ban corridor’ and to create easier pedestrian micro-zones within the area will not be allowed flows across it, in other words perpendicular to to see their office stock grow. The Urbain Loi zone it, and more green public areas. Amongst ways of currently has 470,000 m² of offices, of which the achieving this are the reduction of the Rue de la European Commission accounts for 170,000 m². Loi (which runs from the Schuman roundabout, A further 240,000 m² of office space is scheduled the European nerve centre, to the city’s inner ring to be added, the vast majority of this (230,000 road a few hundred metres further on), from its m²) also destined for the Commission. The wider current five lanes to three, with cycle and pedes- European district as a whole is home to a total of trian lanes on each side. The Rue Belliard would 3,300,000 m² of office space (around a quarter of also be reduced, to four lanes. It has now been de- the whole of the Brussels stock), of which the Eucided, in addition to this, to stop traffic from driv- ropean institutions account for some 1,340,000 ing on the surface at the Schuman roundabout. m², or around 40%. This will involve a tunnel underneath the Avenue Tim HARRUP n

Â© Atelier Christian de Portzamparc

The Rue de la Loi is set to be reduced to three traffic lanes. The improvement in public transport is designed to help reduce overall traffic by 20%.

BELGIUM REAL ESTATE SHOWCASE 2011 9

TOWN PLANNING I BRUSSELS CENTRE I

The most iconic part of Belair, its ‘stacked slab’ tower, will be for residential accommodation.

Belair renewing the centre

elair aims to transform a site previously known for its uninspiring architecture into a new district for living and working. The central location, with the European district just to one side, and the historic centre of Brussels to the other, makes this a key project for the city. The most central of the major district-wide refurbishment projects taking shape in Brussels is Belair. Owners of the former Cité Administrative, Immobel and Breevast, have mandated architectural bureau SAQ Architects with conceiving the master plan for the whole ensemble. Jaspers-Eyers & Partners and Archi 2000 are mandated with realising the project. The architects have designed an overall layout which enables access to the project from a number of points, emphasising permeability and the public spaces for the City and its inhabitants. This urban renovation project aims to connect the uptown and downtown districts of the city, and involves the refurbishment of certain buildings on and around the Boulevard Pacheco/Rue Royale,

10 BELGIUM REAL ESTATE SHOWCASE 2011

immediately behind the recently refurbished Finance Tower. The location is just inside the city’s inner ring road at its north eastern tip, across the road from the Botanical Gardens and stretching to the ‘Congress Column’ and tomb of the unknown soldier. The master plan schedules the construction of two new emblematic triangular buildings featuring ‘offset’ floors, (the Pechere Tower and Pacheco Tower) as though they were slabs roughly stacked one on top of the other. This real estate development project schedules over 135,000 m² of construction. The programme aims to provide a highly human side to the area, integrating almost 47,000 m² of residential accommodation, public areas, 5,000 m² of retail space. A 120 room hotel forms part of the initial scheduling but is still to be confirmed. Government as major taker The permits for the first, refurbished office buildings have already been granted. The master plan aims to make sure all those players involved in the

Belair Boulevard Pacheco and surrounds 1000 Brussels

Total area Developers Architects Completion Offices Residential Hotel (120 rooms) Retail Service² Total

redevelopment of this emblematic site guarantee that it actively contributes to the regeneration of the city centre. Belair has been the subject of some debate as to its architectural features, but it recently received a considerable boost, recording one of the largest letting transactions in many years in the Belgian capital. Perhaps not surprisingly, given the make-up of the real estate market in Brussels, the taker is from the public sector. The government has signed a contract which will see the Federal Police taking up 65,000 m² of space in Belair, in buildings D, F and part of C. The building itself

will be developed according to BREEAM environmental standards, once the deep renovation of the existing building has been completed. This transaction is an important step forwards for Belair, and will see a number of police services (laboratories, shooting galleries, crisis centre…) centralised here. There are scheduled to be around 2,200 work stations in total. As the developers have received a building permit, the construction works are due to start in the first part of 2011 with the first phase of the project scheduled for delivery in the second half of 2013. Tim HARRUP n

135,000 m² Immobel and Breevast SAQ, Jaspers-Eyers & Partners, Archi 2000 From end 2013 69.000 m2 47.700 m2 11.000 m2 5.000 m2 3.000 m2 135.700 m2

References Read more about the Belair urban redevelopment project on www.profacility.be/library All articles of this online library are classified by date. Search for this date : 17/05/2010. The article can be downloaded in PDF format.

BELGIUM REAL ESTATE SHOWCASE 2011 11

TOWN PLANNING I BRUSSELS canal I

The highest residential tower in Belgium will offer a rooftop viewing area, with controlled access.

Architectural variety is a feature of UP-site, with low-rise and high-rise compensating for each other.

12 BELGIUM REAL ESTATE SHOWCASE 2011

UP-Site THE PLACE TO BE

ccupying a strategic location on the east side of the canal in Brussels, UP-site is also just across this same canal from Tour & Taxis. Previously known by its project name of ‘Premium’, UP-site is a mixed use development which will have the effect of extending the North district of Brussels (the North Station is just a few hundred metres away), further west. This project has been well supported by the Brussels public authorities, which designated the entire zone a ‘zone of priority intervention’ some twenty years ago, and it thus includes a good proportion of public spaces, along with mobility services. Within this concept of ‘built-in mobility’, new bus and tram lines are scheduled to serve the site from the North station, and continue on via Up-site into Tour & Taxis. Towers In terms of constructed areas, UP-site will eventually (following four years of works which have now started), include the highest residential tower in Belgium – some 140 metres forming part of the 48,000 m² of residential accommodation – along with around 30,000 m² of offices, a retail element, and archives. The office element of UP-site will be located in relatively low-rise buildings occupying a substantial proportion of the area along the canal-bank, surrounded by open and walking areas. They are described as ‘new generation and not of austere external aspect’. Commenting on the choice of such a high residential tower, Atenor CEO Stéphan Sonneville said: “The tower is not the ultimate solution to all needs, but it remains a part of the solution, to be used sparingly”. He also pointed out the difference between office towers and residential towers, saying that: “Office towers must above all be conceived around the major multimodal public transport hubs, and the further you are from these services, the more necessary it is to build residential accommodation. For residential towers, the important factor here is to conceive them within projects of urban rehabilitation”. The environment Environmental concerns pervade UP-site, from the large green public areas, through to the architectural conception and the technologies used. In

terms of public areas, the developer is financing the renovation of the canal banks, with staircases being created to provide access to the water’s edge. The architectural conception (by A2RC) has led to an open aspect to the entire site, not a ‘closed lot’ design. The canal plays a part in the overall project in other ways too. Water from it will be used to help in the heating and cooling of the buildings, diminishing energy requirements, and waste materials from the construction site will be evacuated by waterway. On top of this, green roofs, solar panels and co-generation of energy will all be incorporated in order to reduce energy needs and CO2 emissions in use. The offices will be classified as ‘low energy’. Attention has also been paid to the renewable aspect of the constructions, so that conversion to other uses or renovation are future options, rather than what Stéphan Sonneville refers to as ‘the dead-end of demolition’. For the comfort of residents, certain ‘lifestyle’ elements are scheduled: a swimming pool, a children’s playground, a crèche, a private projection room and a concierge service… A rooftop viewing area, with controlled access, is also to be included on the tower. And the apartments are also subject to a specifically drawn up ‘owners charter’, designed to avoid any problems of co-ownership in terms of servicing and repairs etc., in the future. Tim HARRUP n Rendering: ARC Architects

Within the ‘Priority Intervention Zone’, public areas are a high priority and are designed to add conviviality to the projects underway.

UP-Site Quai de Willebroeck 1020 Brussels Developer Architects Surface area Office buildings Residential Retail: Start work Delivery

Atenor A2RC Architects, Les Ateliers Lion, 1,2 ha 30,000 m2 48,000 m2 2,000 m² 2011 Up to 2015

BELGIUM REAL ESTATE SHOWCASE 2011 13

TOWN PLANNING I Brussels Canal I

Tivoli EXTENDING THE CANAL ZONE

The outline plans are in place, but developers are yet to be nominated.

his mixed complex will benefit from € 14 million of financing from the Feder, with the remainder coming from the PPP. It is located in a dense and already high mixed-use zone close to the North Business District and Laeken cathedral.

Tivoli in figures Address Rue du Tivoli and surrounds, 1020 Brussels Developer SDRB District Canal zone/Laeken Total surface area • 52,000 m² residential • 20,000 m² economic activity including 8.000 m2 for the ‘Greenbiz’ project with 2.500 m2 for a company incubator Status Awaiting permits

14 BELGIUM REAL ESTATE SHOWCASE 2011

A little further out of town than Tour & taxis and UP-site, Tivoli nevertheless plays its part in the redevelopment of this canal-side zone to the north west of Brussels. It will comprise seven new residential blocks, totalling some 52,000 m² and providing 578 residential units. Where infrastructure is concerned, there will be crèches with room for 72 children, and the permit also requires that retail facilities form part of the complex. Other more modest district services may also be included. For access, two new public thoroughfares will encourage cyclists and access on foot. A new public square on the Rue Wautier side of the complex will be used for some of the local shops and services. To the interior of the block, private gardens will be laid out. Production units As Tivoli is a project developed by the Brussels Regional Development Agency ‘SDRB’, it includes

some economic activity. The SDRB is responsible for real estate developments of interest to the Region, in all forms. For Tivoli, the ‘professional’ aspect is ‘Greenbizz’. Partly financed by the joint Regional and European body Feder, this project also involves Brussels Environment and the ABE (Brussels Enterprise Agency). It is scheduling 5,000 m² at ground floor level to be used for production and prototype activities. Above this will be 2,500 m² to be dedicated to a company incubator, with an environmental character to the work being undertaken within it. In total, the economic activities portion of Tivoli could eventually extend to as much as 20,000 m², with Greenbizz occupying just over 8,000 m² of this. The parcelling permit for the residential part is expected in 2011. For both segments of Tivoli, residential and productive, the SDRB will be calling for tenders for developers interested in developing the buildings. Provided the building permits are obtained without obstacle, it is hoped to have the first buildings operational by the end of 2013.

Tim HARRUP n

TOWN PLANNING I Brussels North I

Neo

Moving slowly forwards

The Neo project is located to the north of Brussels, around the city’s famous Atomium (the symbol of the 1958 Universal Exposition) and the Brussels Expo exhibition halls. A project covering an area of some 60 hectares, Neo aims to bring new life to this part of Brussels, with a major shopping centre, a large conference centre, leisure and tourist activities including a show and events hall and a hotel complex, residential accommodation, offices and open public areas. The existing ‘Trade Mart’ wholesale market for retailers is not currently set to be affected by the development. The presence of the (relatively new) Heysel sports stadium and how this interacts with the project, also has to be taken into account. The city of Brussels owns all of the land concerned by Neo, while Trade Mart is in the hands of AG Real Estate. Uncertain timing The detailed plans for the constructions have not yet been formulated, but these are due to be laid out during the spring of this year. An architectural competition had been organised and the winning firm was revealed in September 2010. The choice of the jury – headed by Antwerp city

Master Architect Kristiaan Boret – was Dutchbased bureau KCAP Architects&Planners together with advisors Arup and Fakton. The City will be looking at the various administrative procedures to be followed, including the possible adaptation of its PRAS, or regional ground use plan. Permit requests will need to be formulated and granted, and even after works actually start – which could still be some years away, the total construction phase is still likely to take up to a decade. Asked about how the project is now set to progress from his point of view, Kees Christiaanse, partner of KCAP, said: “I expect there to be a concept presented by us in the next six months. In parallel with this, we will be setting up a management process to enable us to work with the various people involved. We are currently looking at the quality which exists within the area, and discussing the various programmes and how they fit together, and whether any additional programmes may be desirable. We are in particular looking very closely at the relationship between the park and the real estate and how we can improve it. We are also considering access to the site, the role of the tram and the metro, and we will be working very intensively on how car parking on the site will be organised. This is a very major project because so many different types of infrastructure and real estate have to be taken into account, including how Neo interacts with the city of Brussels itself”. Tim HARRUP n

he Neo project has been the subject of much discussion in Brussels for some time. The Heysel plateau on which it is located represents an opportunity for the City to reinvigorate an area currently used for exhibitions, but with little in the way of daily life.

The site covers a large area near to the Heysel stadium.

Kees Christiaanse

KCAP Amongst other major projects which are the hallmark of KCAP are to be found some exceptional examples : • Hafencity Hamburg, Germany (165 ha.) • London Olympic Games post- games site redevelopment (UK) (170 ha.) • Stadionpark Rotterdam, Netherlands (210 ha.) • Eindhoven Airport, Java Island, Red Apple, Netherlands

Neo in figures 3,500 seat conference centre 100,000 m² shopping centre 10,000 seater show hall Leisure and sports centre Residential accommodation BELGIUM REAL ESTATE SHOWCASE 2011 15

TOWN PLANNING I BRUSSELS CANAL I

The Royal Warehouse and some planned constructions seen from the ‘UP-site’ side of the canal, giving an idea of the scale of Tour & Taxis

Tour & Taxis the old with the new

he 30 hectare Tour & Taxis site alongside the canal in Brussels and neighbouring the North District, is a long term development by the Project Tour & Taxis company. It is of great historical significance, having been the major customs site for Brussels, with more than 3,000 people working here in the middle of the last century. The project underway has the aim of establishing an entire new district for Brussels, with housing, shops, offices, services and public infrastructure. Large green areas will also be laid out and the development will be focused on three main themes: a new dynamism given to the existing heritage, sustainable communities and water. Recently, the European institutions have also taken space in this northern zone, a move which not only represents a recognition that their traditional home, the Leopold Distict, cannot provide all the accommodation they require, but which also demonstrates the relative proximity of the business districts within the compact city limits of Brussels. The existing buildings (of which two more major

16 BELGIUM REAL ESTATE SHOWCASE 2011

historical constructions still exist) will continue to be renovated and the new constructions will accommodate a diverse range of different functions and people in an environment designed to be respectful of the environment and of mobility. This new complex fits into the development which the Region advocates for the Brussels canal, with a park, a new bridge and residential accommodation along the water. Royal Warehouse and Sheds The most visible of the existing buildings is the Royal Warehouse, which is fully renovated and now accommodates around forty companies on its upper floors, with shops and services on the ground floor. It was built to show the importance of its original function of safeguarding high value merchandise, a palace to trade, a fortress. It is surmounted by a clock tower and a globe. With total space of 17,000 m², the Sheds just to the rear of this are principally used for fairs, conferences, concerts, fashion shows and entertainment events.

Tour & Taxis Avenue du Port 1000 Brussels Developer : Project T & T Architect : Several, by project Surface Area : 30 hectare alongside the canal in Brussels Office space: 150,000 m2 Residential: 150,000 m² Accommodation ± 45,000 m² of this in lowmedium price accommodation) Public service 35,000 m² equipment (schools, sports facilities…) Commerce 40,000 m2 (shopping, restaurants etc) Project status ongoing on several years

They are connected to the Royal Warehouse by an underground passageway. The architectural history of the Sheds is also of interest – the surface area of the roof (which has no supporting beams) is equal to three times the Grand’Place in Brussels, and is believed to be unique of its type in the world.

new construction. This will include the construction of an office building for the Brussels Environment service IBGE, and which is intended to be the greenest passive building in Europe. In total, to add to the 95,000 m² of existing (heritage) constructions, there will be 370,000 m² of new constructed space, to include (through stipulations from the Region and in agreement with Future developments the developer). The entire development will take The continuing development of Tour & Taxis will many years, and is likely to give rise to a new dissee not only the restoration of the remaining her- trict ‘Tour & Taxis’ both in fact and in name. itage buildings on the site, but a vast amount of Tim HARRUP n

from left to right:

The new office building designed by the architecture bureau CEPEZED for the Brussels Environment service (IBGE) to be constructed on Tour & Taxis. The Royal Warehouse retains its interior architectural features; the ground floor houses many shops, restaurant facilities and services.

BELGIUM REAL ESTATE SHOWCASE 2011 17

TOWN PLANNING I BRUSSELS PERIPHERY NORTH (MACHELEN) I

Uplace sets the pace

Uplace will be the first to bring missing shopping facilities to the northern periphery of Brussels.

Uplace Machelen in figures Retail: Workspace: Leisure activities: Hotel/conference: Food and drink: Total surface area:

72,000 m² 52,000 m² 19,500 m² 14,500 m² 7,500 m² 165,500 m²

Public/green areas: Car parking:

50,000 m² 5,600 spaces

18 BELGIUM REAL ESTATE SHOWCASE 2011

nternational property group Uplace has a number of projects in Belgium. The latest is the site to be developed at Machelen, close to Brussels Airport. The company philosophy is to offer ‘experience destinations’ which include shopping, residential and working functions alongside each other. Located as it is on the northern periphery of Brussels, Uplace Machelen fits into the desire of the regional authorities to develop this zone and to add a mixed use character, in particular through the addition of large-scale shopping facilities. Within this framework, Uplace Machelen will be a rela-

tively close neighbour of the vast ‘Neo’ project, the two of them turning the Region’s vision for Brussels’ northern periphery into a reality. The retail element of Uplace is said by the developer to be the largest single retail development in the Benelux so far. Totalling 165,000 m², Uplace Machelen comprises all of the elements of the company philosophy. Particular attention is also paid to public areas, set to be equal to around one third of the constructed area. Work on Uplace Machelen is scheduled to start at the end of 2011 with completion planned for 2014. Tim HARRUP n

TOWN PLANNING I GHENT I

The Loop

Major mixed-use urban development project

from left to right:

to Brussels, Ikea has opened a new flagship store close to the Antwerp-Brussels axis. Extending as it does to the very edge of the motorway, and just 4 km to the west of Ghent city centre, The Loop is currently becoming even more visible to passing motorists, as the landmark ‘MG Tower’, a De Paepe group development, is now well on the way to completion immediately alongside the motorway. Completion is currently scheduled for mid 2012. Further permits have he city of Ghent, around 50 km to the already been obtained for – among others – an west of Brussels, half way between the office building of 3.000 m², 8,000 m² of offices capital and the coast, is one of the oldest and laboratories and 10.000 m² of apartments. in Europe; its direct connections by road and rail into Brussels make it attractive both as an office The overall plans for The Loop will see, in time, location in its own right, and as a commuting 150,000 m² of office space being built (of which base. Over recent years, a number of office the MG Tower represents around 21,000 m²), along developments have increased the stock, and now with 155,000 m² described as ‘office-like’, destined a major mixed-use programme is beginning to for office and non-productive economic use. Some 69,000 m² is scheduled for retail, 40,000 m² for emerge from the ground. leisure, 37,500 m² for hotel activities, and 65,000 Having been on the drawing board for many m² for residential. Ikea represents a little under years, the major urban project ‘The Loop’ is half of the retail element, with work on the rest now becoming a reality. The construction of the expected to start during 2011. Wim Verstockt of infrastructure (roads, two bridges and a tunnel) Rei Consult, Project Director for the Public Private is currently underway. Its first and emblematic Partnership ‘Grondbank The Loop’, describes it building construction, visible from the Brussels- as: “Undoubtedly the largest urban project in the coast E-40 motorway since being opened in Ghent region, and probably the largest of its type 2009, is the Ikea store. Having moved from a site in the whole of Flanders”. Tim HARRUP n some 30 km further down the motorway, closer

The MG Tower is both the point of entry and the symbol of ‘The Loop’ real estate development. This 24 floor high tower developed by De Paepe Group and designed by architects JaspersEyers & Partners will offer 23,500 m2 of office spaces and will bring together the activities of KBC which are currently spread over several buildings in and around Ghent. The overall plans for The Loop will see, in time, 150,000 m² of office space being built. See how the project may look in time.

The Loop in figures Developer

Public Private Partnership ‘Grondbank The Loop’ De Paepe Group (MG Tower)

Office buildings 155.000 m2 Residential

65.000 m2

Leisure

40.500 m2

Hotel

37.500 m2

BELGIUM REAL ESTATE SHOWCASE 2011 19

TOWN PLANNING I ANTWERP CENTRE & SOUTH I

Antwerp RENOVATING ITS HEADQUARTERS ... AND CONVERTING BROWNFIELDS

All of the sites are close to the centre of this port town of world importance. 1. Docklands zone includes the ‘Eilandje’ urban redevelopment 2. Diamond District 3. Berchem Station development zone located on the ‘Singel’ ring road 4. West Park on the western bank of the River Schelde 5. IPZ, known as the ‘South Petroleum Investment zone’. A brownfield of 113 hectares to be converted and redeveloped. .

ome 23 real estate companies operating in Antwerp have come together with the city of Antwerp to boost the office-based business sector in the city. Along with Flanders Investment & Trade and the Port of Antwerp, private operators including certain very well-known companies (BNP Paribas, Interbuild, ING, Intervest, Wilma…) are partners in ‘Antwerp Headquarters’. The association is currently involved in four major urban regeneration projects across the city. These are Docklands Diamond District, Berchem Station, and ‘West Park’ (on the western bank of the River Schelde). All of these projects feature a mix of functions including residential, offices, shopping and services. Waterside living This area on the northern edge of the city extends to over 400 hectares, and its redevelopment is designed to link this port area (to which Antwerp owes most of its historical development and

20 BELGIUM REAL ESTATE SHOWCASE 2011

aerial picture © Aerodata International Survey

international reputation) to the old town. Just a few hundred metres from the historical centre around the town hall and cathedral, Docklands will offer residential, office and commercial property set within a ‘waterside living’ concept. It includes the ‘Eilandje’ (little island) project, part of which is already completed. New public transport and road infrastructures, not to mention water taxis, are also scheduled. Diamond District to sparkle The other major claim to fame of the city of Antwerp is its diamond trade. No less than 80% of all the diamonds traded in the entire world pass through here. The diamond district grew up around Central Station, the preferred and safest means of transport being the train. The renovation zone extends to some 100 hectares, and already includes Antwerp’s tallest office tower (Antwerp tower). It also offers high speed rail connections to other European cities, along with many cultural and shopping facilities.

Two airports… At the southern entrance to the city, Berchem Station and the surrounding are on the ‘Singel’ ring road has seen much high quality office development over recent years. The proximity of Antwerp airport (a European feeder airport), and of Brussels Airport around twenty minutes drive by motorway, along with the train services and easy access, mean that this district is set to continue to grow in importance as an international destination. The zone totals over 120 hectares of land.

undeveloped western bank, West Park is a brand new development, and destined to be an entire living and working district in its own right. West Park will include around 40,000 m² of office space and 10,000 m² of retail. Alongside these, some 1,500 residential units are to be built, and green areas in the form of wide boulevards and extensive parklands, are to be a major feature. West Park is located almost directly opposite the historical city centre, and access takes only ten minutes by tunnel under the Schelde. A further river crossing (tunnel or bridge) is being considered by the city On the other side… Across the River Schelde on the relatively authorities.

IPZ, from brown to green

ust to the south of Antwerp city centre, beyond the iconic new law courts, the city of Antwerp is developing a mixed-use area currently known as ‘South Petroleum Investment Zone’ (IPZ), a reference to its past vocation. This brownfield site will see the completion of its master-plan at the beginning of this year. For this redevelopment project ‘Petrolum Zuid’ the Vlaanderen AG company and Vespa have created GO IPZ nv, which will be the contact point for all of the various elements allied to this development : financial, fiscal, legal, real estate strategy… GO IPZ will also supply the necessary expertise for cleaning up this former industrial site. In total, a surface area of 75 hectares will be constructed on a site of some 113 hectares. The rest of this river-side site may be constructed at a later date, and the adjoining ‘New South’ development make this a genuine district regeneration programme. Ecological One of the initial developments will see a 13-hectare logistics zone, destined for smart logistics, and ‘city logistics’ – whereby the ‘last mile’ of the journey made by merchandise to reach its destination (shop, hospital…) uses the cleanest form of transport possible. Recent innovations in this domain undergoing trials in other cities include cycles and electric tricycles. Following this, a 35 hectare site will be developed for ‘eco-effective’ production and R&D activities. The sectors of activity are not defined, but the stipulation is for ecological concepts, including the notion of ‘cradle to cradle’. An ecological charter

will be established to regulate this. Within this, it is hoped to build inter-company relationships, in which by-products of one company will be used as resources for another company. An essential aspect of the project is a green corridor of 14,5 hectares which will give a very (real) green touch to this green site. New stadium Additional developments will see a 25,000-seater football stadium, intended to replace two other football stadiums in the region. There is also to be some 15,000 m² of retail space. The precise nature of this has not yet been defined, except that it will ‘not be a shopping centre’, a move designed to protect Antwerp’s highly popular and successful city centre. As part of the overall plan, the quays of the Schelde river will be renovated and developed, and materials for the IPZ will be brought in by ship, bearing further witness to the ecological philosophy of the project. Alongside the IPZ, a separate development under the name of ‘Nieuwzuid’ or New South, is also being studied. This is intended to strengthen the emerging reputation of this part of Antwerp as ‘the place to be’, and is on a site of around 26.5 hectares. To the more industrial vocation of IPZ, Nieuwzuid is set to add some 363,000 m² of constructions, divided between offices, residential and retail facilities, and other services. The precise spread of activities is not yet defined, but with a view to creating a vibrant living area, there is set to be a majority of residential accommodation. Tim HARRUP n

Petroleum Zuid Project Key figures Total surface area 113 ha To be constructed 75 ha Logistics zone 13 ha Production zone 35 ha Retail 15,000 m² Football stadium 25,000 seats Nieuwzuid area 26.5 ha

BELGIUM REAL ESTATE SHOWCASE 2011 21

LOGISTICS ‘OPA’ in Liège region, a coherent semi-industrial park

6 BELGIUM REAL ESTATE SHOWCASE 2011

photo © Kairos photo © Wilhelm & Co

RETAIL Site Boch, developed by Wilhelm & Co, is a new 39,000-m² shopping and leisure center in La Louvière. It will be the largest urban mixed-use project of its kind in the region.

Offices The take-up of almost 130,000 m² for the Antwerp market makes 2010 an exceptional year. It represented an increase of around 44% on 2009. The largest development over recent years took place in the Ring zone. City Link building is one of this major development.

REAL ESTATE MARKETs & PROJECTS

he real estate market has seen something of an upheaval in all its forms over recent times. Professional real estate occupies a unique place in the world of work. It is both a working tool – whether offices, shops or warehousing – and an investment destination, either for the occupier himself or for a third party who has no operational interest in the asset. For these reasons, the recent crisis has had varying effects: take-up has suffered, banks have hesitated to fund new projects, retail and warehouse developments have been put on hold. In this section, we look at the current state of the different segments, the projects on the way, availability and the state of the regional markets.

SUMMARY 24 30 32 38 41 42 46 48 51 52 55 58

Offices, oversupply on the Brussels market Brussels, prime offices to let Brussels, less speculative projects in the pipeline Antwerp, 2010 was an exceptional year Mechelen, easy access between Brussels and Antwerp Ghent, huge investments in new projects Liège, demand waiting to be satisfied Shopping centres projects Retail top high streets: provinces gaining ground Logistics: stable market, stable demand, building freeze Logistics in Wallonia: 1 million m2 of buildings to be renovated Impact of multimodal transport on industrial property development

Other articles about the real estate market trends and projects published in the ‘Belgium Real Estate Showcase’ previous edition, or in the Profacility magazine, can be consulted on www.pro-realestate.be/library. All articles are classified by date. They can be downloaded in PDF format either in French, Dutch or English.

Retail town planning: criteria for granting socio-economic permits (10/03/2010)

European Distribution Report I Belgium holds its position (05/03/2010)

Dolce, La Hulpe: between relaxation and exchange of expertise (29/09/2009)

Chasses Royale, Brussel: dialogue between heritage and innovation’ (08/06/2009)

BELGIUM REAL ESTATE SHOWCASE 2011 7

‘ Art Building’ is a master piece of architecture in Brussels located in the European District, on the avenue des Arts, 20 and at the crossing with the Joseph II street. The priority of this office building developed by the DePaepe Group and designed by Art & Build Architect, was to provide the future occupants with luminous work spaces responding to all requirements of comfort, energy efficiency, aesthetics and flexibility. Art Building avoids the architectural monotony. The project distinguishes itself by the “white effect façade” created by the use of an exterior textured glass and a translucent milky interior one, but also by the use of contemporary materials from the remarkable entry to the roof element made out of painted metallic louvers. Up to 6.180 m2 are still available for immediate occupancy. More Information via Cushman & Wakefield. 24 BELGIUM REAL ESTATE SHOWCASE 2011

OFFICES I MARKET TRENDS I brussels I

Oversupply on the Brussels market In Belgium, the real estate market principally involves the Brussels office market, even if, over recent years, other market segments have been gaining ground, along with regional cities such as Antwerp, Ghent and Liège, which represent real competition. Foreign companies appreciate the central location of Belgium between the major markets of Germany, the UK and France which, combined with the substantial developments in rapid transport links (TGV and airport), enable easy connections with these different markets.

n 2010, almost 63 % of total take-up in the country went to the Brussels office market, confirming its position as the country’s leading office market. Just as last year, when some major transactions took place at the end of the year (e.g. the Federal Government in the Forum), the recent take-up of 65.000 m² by the federal police in the RAC-Belair project (the former state administrative centre) enabled take-up to reach a figure of 490,000 m² for the whole of the Brussels Capital region in 2010, or almost 15 % up compared to 2009. The transactions were mostly concentrated in the central business districts of Brussels (CBD, the North and Leopold districts) which accounted for 57% of take-up, against 23% in the Decentralised zone and 20% on the Periphery. The high vacancy rate (around 11.8%) which is also affecting new buildings, is exerting pressure on rents, not always on the face-value of the rent, but often translating into substantial incentives offered by owners to attract new tenants (rent-free periods, participation by the owner in removal costs, renovation of the premises etc.). These discounts may represent up to 30 or 40% of the rental face value. Since the last quarter of the year, however, the situation appears to have reversed due to a slow-down in speculative projects. If the market continues to adjust, a slight decrease in vacancy may be expected over the coming months. Nevertheless, it is still likely to remain high in second generation buildings, especially those located on the periphery where vacancy has risen sharply, to above 20% in certain places. This adjustment will require some years before it establishes a balance between supply and demand, because it is estimated that 3.5 years would be necessary to absorb the current supply, taking into account the substantial amount of space now on offer - around 1,965,000 m² (which is 1,622,000 m² vacant + 343.000 m² of projects underway and expected to be delivered in 2011) and average take up of 560,000 m²/year recorded over the past decade. This situation, which takes no account of large scale projects scheduled for delivery beyond 2011,

perfectly demonstrates the current over-supply on the market, implying downward pressure on rents in the short and medium term. From an investment point of view, investors are showing particular interest in buildings with long term leases, giving them secure cash-flow at levels above interest rates. The scarcity of this type of product, however, has led to them turning to alternative investment products, such as buildings with a number of tenants and shorter leases. The market is geographically divided into six large zones described below

Guibert de Crombrugghe Managing Director de Crombrugghe & Partners

Centre (Pentagon) This takes in the whole of the zone contained within the inner ring road. It constitutes the financial centre of the city and the country, through the presence of the Brussels stock exchange and the National Bank, which has attracted many other banks here over time. This zone is bounded by first rate shopping streets. Going beyond the presence of Central Station around which have developed numerous large scale projects over recent years, this zone has the advantage of excellent public transport networks, which represents an overriding criterion in selecting a location, particularly for the large institutions and public administrations. The principal occupants to be found here are Belgian financial groups, ministries and private companies. As well as the good image of the district, it also possesses an excellent mix of functions and services. Rental vacancy currently stands at 5.5% in the central (Pentagon) zone, which is a little down on last year. Certain projects underway have been pre-let and projects delivered have found some tenants. This is in particular the case for the Marquis where following Agéas and the US law firm Arnold & Porter, electricity producer and supplier SPE-Luminus has chosen this building to locate its headquarters , which brings the occupancy level of the building, totally renovated in 2010,to almost 50 % of its available space (approx.30,000 m²). BELGIUM REAL ESTATE SHOWCASE 2011 25

OFFICES I MARKET TRENDS I brussels I

Business districts in the Brussels Capital region

Market Dashboard 2010 : 13.745.000 m2 of offices in Brussels representing around 60 % of the Belgian market

Districts

Centre South

Leopold

North

Louise

Decentralised

Periphery

Stock

2,425,000

507,500

3,522,500

1,495,000

815,000

2,920,000

2,060,000

Percentage

17.6%

3.7%

25.6%

10.9%

5.9%

21.2%

15.0%

45.5%

23.0%

27.3%

16.0%

48.0%

34.0%

10.0%

Vacancy level

5.5%

2.0%

9.0%

10.0%

13.5%

15.0%

22.0%

Prime rents

220

195

295

195

210

185

160

Prime yields

6.25%

6.80%

6.25%

6.75%

6.80%

8.00%

8.50%

of total stock Proportion of second hand buildings

Strong and weak points of the various districts of the Brussels Capital Region Advantageous fiscal regime

- ++

Access by public transport

- --

Quality of stock

= +

Presence of facilities

+ +

Presence of green areas

+ ++

++ Excellent

= Average

- Bad

-- Very bad

+ Good

26 BELGIUM REAL ESTATE SHOWCASE 2011

Few projects are currently underway in this zone, and most of them are total renovation projects. Empress Court (Bd de l’Impératrice 17-19), a building of some 14,000 m² which has recently been acquired by Vivaqua , who are leaving their former headquarters on the Rue aux Laines, and Forum II, the Moniteur/ INS/ Gendarmerie complex on the Rue de la Croix de Fer (28,000 m²) are the principal projects underway with delivery scheduled for 2011. This supply is set to be accentuated by the arrival of the State Administrative Centre, also known as Belair, representing an extra surface area of around 100,000 m² of offices when it comes to market by 2013. The State Buildings Agency (federal police) has just rented 65,000 m² in buildings D and F on an 18 year fixed lease, and envisages in time renting a further 10,000 m² . This large scale transaction represents 11 % of take up on the Brussels market.

GDF-Suez, have enabled some current supply to be absorbed. Zenith (30,000 m² ) is still looking for an occupant. One of the most iconic projects in the district is UP-site by Atenor, on a 1.2 hectare site located along the canal at the level of the Quai des Armateurs, and opposite the Tour & Taxis site. This project schedules retailing (1,972 m²), offices (29,615 m²) and 48,435 m² of residential accommodation, including 36,000 m² in a 42-storey tower. Finally, the permit has just been granted to AG Real Estate Development for the construction of a new 30-storey tower which is set to dominate the current headquarters of AG Real Estate (Botanic Building), the Silver Tower. The developer is apparently waiting for an occupant before launching the project, which will mean it has less of an impact on vacancy in the district. The future problem will come from the South (Midi) District redevelopment of the Tour & Taxis site, which This district is located around the South Station, schedules around 140,000 m² of offices, although and has greatly developed over the past ten years. the timing is difficult to estimate. Its numerous new developments, along with the arrival of the TGV and the complete refitting of the Leopold (European) District South Station, have turned it into an office zone With approaching 25% of total Brussels office in its own right. Its principal occupants are public stock (almost 3,522,000 m²), the Leopold District administrations and service companies such as the represents without any doubt the most important Social Security Company ONSS. business district of the capital, with the Schuman The South District is above all a lessors’ market. roundabout and the Square de Meeûs as its nerve Supply is limited and demand more substantial. This centres. This district is located to the east of the city is reflected by a very low vacancy rate (below 2%), centre and is spread around the Rue de le Loi and which means that potential tenants for this district Rue Belliard, between the Boulevard du Régent and have little negotiating room. Prime rent stands at the Cinquantenaire Park. It has the advantage of an €195 /m²/year. excellent network of public transport, and is in particular served by the Luxembourg and Schuman railNorth District way stations, enabling immediate connections with This district has become more and more frequented the entire national and international network, as well over the past 20 years, in particular due to the as with the TGV terminals. Many metro stations and lack of available sites in Brussels. This is a modern bus lines also serve the district, with their axis on the district, located just outside the Pentagon, around Rue de la Loi. the Boulevard Albert II, between the Avenue du Port It is essentially the European institutions which and the North Station. This station provides a good occupy this district, along with the major national network of public transport facilities. ministries, and certain Belgian and foreign comCompanies located in the North District are from pany headquarters. The presence of the European various sectors, and generally have need of substantial Parliament and Council of Ministers only serves amounts of office space. The public sector represents to strengthen its attraction. The installation of the an important proportion. The installation of the European Commission in Madou Tower suggests European Commission in Covent Garden is also a that the European District is beginning to extend first step towards the creation of a new European towards the North District. hub. Demand for this location is currently driven by The Leopold District, which could be considered the ambitions of the French-speaking community, as a stable market up to now, has seen its vacancy with its headquarters on the other side of the canal, levels rise to above 9% in 2010 in particular due and by private operations of smaller scale. to the arrival of new projects such as The CapiThe marketing of new projects which arrived on the tal (54,300 m²), with a consequential downward market in 2010, such as Boreal (35,000 m² rented pressure on rents. Since then vacancy in the disby BNP Paribas), the project developed by Fortis trict has remained unchanged despite the renting Real Estate, North Light and Pole Star, 2 towers of around 9,500 m² in the Capital by the European with a total surface area of 75,000 m², taken up by Commission. BELGIUM REAL ESTATE SHOWCASE 2011 27

OFFICES I MARKET TRENDS I brussels I

Some projects are in the gestation phase in the district. Amongst these are Arts-Lux (18,000 m²), Justus Lipsius II (6,000 m²), Frère Orban (25,000 m²) and Realex (28,425 m²). Prime rent increased in 2010, from € 265 to € 295 /m²/year. Louise District This district is located to the south of the inner ring road, essentially along the Avenue Louise, between the Porte Louise and the Cambre woods. Access to this zone is less easy and the office buildings contained within it tend to be of older construction. Over the past few years the city has been orienting its policy towards converting office buildings into residential. This is a mixed environment which includes residential, offices, some high quality shops, hotels and restaurants. It is largely small and medium private companies which have located here, along with law firms and consultants, attracted amongst others by the proximity of the law courts. The advantage of this zone is that there are still small, efficient surface areas to be found. The Louise District records one of the highest vacancy levels of the central districts, with a rate of around 13.5%, even though new projects are relatively scarce. The arrival of the Platinum (72% let to the Scientific Police), and the Trio, by CBRE Investors, the redevelopment of a 21,800 m² ensemble spread through 3 independent, interconnected buildings and which has not yet found an occupant, have contributed to this still high vacancy rate. Prime rent for the zone stands at € 210 /m²/year. Decentralised (within the Brussels Capital Region) This zone includes the other districts located within the 19 communes of Brussels. It is less homogenous and office buildings zones are concentrated along the major thoroughfares, such as the Chaussée de La Hulpe, Boulevard du Souverain, Boulevard de la Plaine, Boulevard du Triomphe and Boulevard de la Woluwe. It is essentially large international companies such as BASF, Levi Strauss etc. which choose to locate here. It can be observed that the districts which are well served by public transport, such as the Chaussée de La Hulpe and the Boulevard du Souverain, perform far better than those zones with a less developed public transport network, such as the Rue Colonel Bourg and Marcel Thiry, where a very high vacancy level is recorded. Within this context, converting office buildings into residential is one alternative envisaged in these more difficult districts. The absence of speculative projects has led to a decrease in supply, and a vacancy level of around 15%. The largest project in this zone will without doubt be the 200,000 m² project located on the Avenue 28 BELGIUM REAL ESTATE SHOWCASE 2011

du Bourget and destined for the new headquarters of NATO, who are set to move in 2014 if the programme remains on schedule. In light of the wide diversity of districts, rents differ greatly from one to the other. In certain zones, rents are even believed to have fallen to below the € 100/ m²/year threshold. Ring and Periphery (outside of the Brussels Capital Region) This zone, which takes in those communes alongside the Ring, (Machelen, Zaventem, Waterloo etc.), has grown considerably over recent years with the development of numerous office parks. This first took place around the airport at Zaventem (Keiberg, Airway Park, Airport Business Center, Ikaros, Airport Plaza, Astra Gardens, Pegasus, Corporate Village) which is a zone in its own right, and then extended towards more distant zones such as Waterloo, Braine l’Alleud, La Hulpe, Hoeilaert, etc. (Waterloo Office Park, Collines de Wavre, etc.). Accessibility by car is good, although this has been less evident over recent years, due in particular to the substantial concentration of office parks in these zones. These are generally less well served by public transport, even though a genuine effort to improve the network is to be observed, especially around Zaventem. Occupants here are largely computer and technological companies. The major attraction is to be found in the rental levels, more competitive than the city centre, coupled with a more advantageous fiscal policy. This zone is increasingly suffering from districts located close to stations in the regional towns (Louvain, Mechelen, Ghent and Antwerp). Growing mobility problems allied to an underdeveloped public transport network have made the zone around the airport less attractive. This is one of the reasons for the historically high vacancy rate in the business parks around the airport, with levels ranging from 14 % right up to 50 % in the Keiberg. Guibert de Crombrugghew Managing Director Patrizia Tortolani Economist de Crombrugghe & Partners n

NATO is set to move into its new Headquarters in Brussels on the Avenue du Bourget in 2015. This outstanding architecture is the work of SOM and ASSAR ARCHITECTS who won the international competition in 2001. In 2007 demolition works on the existing building started. The new construction works started at the end of 2010.

BELGIUM REAL ESTATE SHOWCASE 2011 29

Â© jaspers-eyers & pratners

OFFICES I MARKET I brussels I

photo G. Kinder

9 30 BELGIUM REAL ESTATE SHOWCASE 2011

NAME

ADDRESS

e LaSall Lang Jones

DTZ

CBRE

Here we present a selection of prime buildings located in Brussels and its periphery which have office space to let.This selection made mid- February 2011 enlist properties having immediate availability for office space with a minimum of 6.000 m2 or more. Properties are classified by business district. The letting agents, or agents, indicated are those who advised us of their mandates. Other ‘joint mandates’ may be in place.

Cushm

an & W akefie

Prime offices to let

OWNER

CENTRE 1

Marquis

1 Rue du Marquis - 1000 Brussels

20.000 m2

AEW Europe

•

Bota 145

145 Rue Royale - 1000 Brussels

6.000 m

Galliford

•

Brouckere Tower

1 Boulevard Anspach - 1000 Brussels

6.000 m

Morgan Stanley

•

Astro Tower

14 Avenue de l’Astronomie - 1000 Brussels

38.000 m2

Luresa

•

Loi 15

15 Rue de la Loi - 1040 Brussels

17,000 m

Carlyle

•

Arts 56

56 Avenue des Arts - 1000 Brussels

16.000 m

Axa

•

Science 14

14 Rue de la Science - 1000 Brussels

10.000 m

CBRE Investors

•

Pericles

21-25 Rue de la Science - 1040 Brussels

9.000 m2

KBC Real Estate

•

NEO

51 Rue Montoyer - 1000 Brussels

7.000 m2

JP Morgan

•

Art Building

20 Avenue des Arts - 1000 Brussels

6.000 m2

•

EUROPEAN DISTRICT

NORTH DISTRICT •

Zenith

Boulevard du Roi Albert II - 1030 Brussels

30.000 m2

MEAG

Covent Garden

16 Place Rogier - 1210 Brussels

20.000 m2

Evans Rendall

Eolis

13-15 Square Sainctellette -1000 Brussels

9.000 m2

CBRE Investors

•

110 Chaussée de Charleroi - 1060 Brussels

18.000 m2

CBRE Investors

•

Crown Building

166 Chaussée de La Hulpe - 1170 Brussels

31.500 m2

UBS

•

Silver Building

70 Boulevard Auguste Reyers - 1030 Brussels

23.000 m

Allianz

•

Woluwe Office Garden

24-30 Woluwedaal - 1932 Sint-Stevens-Woluwe

19.000 m

Rockspring

•

Atlantis

Avenue Charles Quint - 1082 Brussels

17.000 m

UBS / Codic

•

Plaine 9

9-15 Boulevard de la Plaine - 1050 Brussels

16.000 m

Standard Life

•

Lavoisier

40, Rue de Koninck - 1080 Brussels

14.000 m

SDRB /BRDA

Colonel Bourg

143 Rue colonel Bourg - 1140 Brussels

Leopold Square

•

BNP Paribas

LOUISE 6

Trio

DECENTRALISED 7

9.000 m

BNP Paribas

44 Avenue du Bourget - 1130 Brussels

8.000 m

Cofinimmo

Solaris

Chaussée de la Hulpe, 120 - 1170 Brussels

EXTENSA I

• • • • • SDRB /BRDA

•

8.000 m

Fidentia Real Estate

153, rue colonel Bourg - 1140 Brussels

7.500 m

Falcon Fund

•

Vuurberg - 1831 Diegem

34.000 m2

CBRE Investors

•

PERIPHERY NORTH Airport Plaza Corporate Village

5 L. Da Vincilaan - 1831 Diegem

25.000 m2

CBRE Investors Union Investment

Ikaros Business Park

Ikaroslaan - 1930 Zaventem

23.000 m

Befimmo

•

Airway Park

18-23 Lozenberg - 1932 Sint-Stevens-Woluwe

15.000 m

Mayfield Property

•

Pegasus Park

6, De Kleetlaan - 1831 Diegem

15.000 m

SEGRO

•

BELGIUM REAL ESTATE SHOWCASE 2011 31

OFFICES I PROJECTS I BRUSSELS

Less speculative projects in the pipeline During the economic crisis, the Brussels office market – for which an imposed moratorium had been discussed but dismissed – regulated itself, allowing market pressures and economic reality to dictate. Construction projects were put on hold or delayed, and the resulting relative inactivity in terms of new space is set to continue this year. As a result, the vacancy level which currently stands at around the 11% mark, is not likely to be pushed upwards by a plethora of speculative space coming onto the market. Those projects which have made their way through the various processes tend to be of high value, and they increasingly carry green certification. Buildings which do not meet the current environmental and technical demands will not easily find takers, and the market will be considering two types of vacancy – buildings which are of top quality and whose remaining availability is a genuine market factor, and all the rest, which will increasingly be considered as sidelined, and which may never come back onto the active letting market.

Tim Harrup n

E Lite 143 Avenue Louise,1050 Brussels Developer Architect: Surface Parking Delivery

De Ligne Bankstraat, 1000 Brussels Developer Architects Surface: Parking Status

New Star Property Asset Management Jaspers-Eyers & Partners 35,000 m² 199 spaces Permit request

32 BELGIUM REAL ESTATE SHOWCASE 2011

This project involves the renovation of an existing office building with accompanying underground parking facility, multipurpose premises, archives and technical rooms. It is located just behind the main St Michael and Gudule Cathedral, in the historical heart of Brussels just above the Grand Place. The renovation will enable the building to meet contemporary comfort requirements and technical standards, including energy consumption.

Pylos Jaspers- Eyers & Partners 7,000 m2 offices 66 spaces 2012

The development will transform the former Bayer HQ on the Avenue Louise, into a new office development combining low energy technologies with prestigious architecture. The project will be BREEAM and Valideo certified, both obtaining a global ‘very good’ level . E-Lite will offer improved accessibility, alternative mobility facilities, accessible terraces and patios, natural light for all offices, high efficiency energetic concepts and sustainability.

Lighthouses Rue Belliard / Rue Van Maerlant, 1040 Brussels

O’Connor Property Group A2RC Architects - Jaspers-Eyers & Partners 5,193 m² offices, 24,781 m² residential and retail TBA

Developer Architect Surface Delivery

Located on a vacant lot just below the European Parliament and Leopold Park to the south, and the European Commission to the north, Lighthouses will offer a modest amount of office space in as strategic a location as it is possible to have for firms requiring to be close to the nerve-centre of Europe. The whole complex will add to the desire of the city to make the European district a vibrant place for both living and working once again. Sustainable development is a focus.

Montindu 6 Rue de l’Industrie, 1000 Brussels Kairos Jaspers-Eyers & Partners 5.400 m² 27 spaces 2013

The Rue de l’Industrie is one of the roads which traverses the Rue de la Loi and Rue Belliard, and is thus in the heart of the European district. The renovation of the building is designed to reflect this status from an architectural perspective. This will be a new complex with a clear and contemporary function with regard to the environment. Particular attention has been focused on an image that goes beyond the purely functional interpretation.

Developer Architects Surface Parking Delivery

Regeneris 4 Rue de Genève, 1140 Brussels Developer Architects Surface Delivery

Herpain-Urbis Archi + I / Christian Troosters 19,600 m² TBA

Regeneris is designed to meet sustainable construction and operational norms, with ambitious energy performance levels. The renovation will include total reorganization of the volumes and complete replacement of the façades, creating a high performance energy envelope. Regeneris is located at the beginning of the main road from the Brussels city centre to the airport, close to Nato, and with a new tram line under construction. BELGIUM REAL ESTATE SHOWCASE 2011 33

OFFICES I PROJECTS I BRUSSELS

Brussels Tower 1 Boulevard du Roi Albert II, 1000 Brussels Developer Architect Surface Status :

Immobel Jaspers- Eyers & Partners 73,102 m². TBA

This building originally dating from the 70’s is located in the North District, Brussels most recent business district and which is home to many corporates and administrations. It is in the form of a Z-shaped glazed tower.

3434BELGIUM BELGIUM REAL REAL ESTATE ESTATE SHOWCASE SHOWCASE 2011 2011

Mercure Centre 100 rue de la fusée, 1130 Haren Developer Architect Surface Status

AG Real Estate Jaspers-Eyers & Partners 12,000 m2 TBA

Thanks to its immediate surroundings of the new site of NATO, on the way to the Brussels Airport, with easy access to the ring road and near a future RER station, this project benefits from a prime location for potential international occupants. The existing Mercure center will be demolished and reconstructed to build 12,000 m2 of offices on 5 floors.

Aux Laines 68-72 Rue au Laines, 1000 Brussels Developer Architect Surface Status

Immobilière de la Laine Jaspers-Eyers Architects 12,050 m² offices, 21,990 m² total Permit request

The renovation and extension of the former Vivaqua headquarters located alongside Brussels law courts. The building is U-shaped and includes 3 basement levels. New technical areas are to be constructed in the roofing, in keeping with the existing architecture. Current and future energy norms are to be taken into account during the renovation.

Europa Rue de la Loi, 1000 Brussels Developer Architect Surface area Delivery

Atenor Archi + i 30,000 m² 2016

Europa is located on the Rue de la Loi in the heart of Brussels’ European district, which is the subject of a wide-ranging redevelopment project aiming to bring life back into what has been a typical ‘office-only’ ghetto since the arrival of the European Union. The architectural style of the building, to be constructed on the site of the Crowne Plaza Brussels Europa hotel, will take into account the desire of the Brussels region master-plan for this area, integrating any new construction here into its surroundings.

Van Volxem 366-368 Avenue Van Volxem, 1190 Brussels

Developer Architect Offices Parking Delivery

CIT Blaton, JCX Immo Art & Build Architect 20,349 m² (6 buildings) 183 spaces 2012 onwards

Located a few hundred metres from Brussels South Station with its national and international connections, the philosophy behind the project is based on sustainable development. The accent has been put on the recyclable nature of the project: the construction of autonomous units, the size, the floor areas, the free height, all enabling a high degree of flexibility of use and easy conversion to other uses without problem. The inside finishing has been intentionally reduced in order to favour basic, strong and recyclable materials: brick façades, wood, aluminium, steel, stone; listed buildings on the site have also been renovated. BELGIUM BELGIUM REAL REAL ESTATE ESTATE SHOWCASE SHOWCASE 2011 20113535

OFFICES I PROJECTS I BRUSSELS

Veridis 2 Avenue Herrmann-Debroux, 1160 Brussels Developer Architects Surface area Parking Delivery

Atenor Group, CFE Atelier Christian de Portzamparc Jaspers-Eyers & Partners 100,000 m² Permit request

Victor is a mixed use project which saw its planning and environmental permit requests lodged with the Brussels authorities in December 2010. If all goes according to schedule, construction could begin in 2012. This is a major project for the city both because of its location and its size. Opposite Brussels South Station, which is the main terminus for international rail services (Thalys, Eurostar and TGV to France, the UK, the Netherlands and Germany), Victor will also be located alongside the country’s tallest tower block ‘South Tower’. Victor is to be constructed according to the latest sustainable techniques, and it is to achieve BREEAM certification.

Media Corner Chaussée de Louvain /Avenue Léon Grosjean, 1140 Brussels Developer Architects Surface Parking Delivery

Robelco Group ASSAR Architects, A2RC Architects 32,972 m² (4 buildings) 740 spaces TBA

Rue Blérot/ Place Victor Horta rue Bara / rue Paul-Henri Spaak, 1060 & 1070 Brussels

Located in the green district of Auderghem on the southern edge of Brussels, the Veridis office building is part of the voluntary approach of developing a new building generation with environmental, social and economic added value. The aim is to decrease the ecological footprint of the building while improving the health and comfort aspects. Over four floors, Veridis provides 6,561 m² of above-ground office space and 110m² of below-ground archives, along with 69 parking spaces. The average floor area is 1,500m². The project brings together architectural quality and comfort with technical and environmental performance.

Victor

Developers Architects Surface Status

Herpain Urbis Assar Architects – Arcade 6,561 m² offices 69 spaces TBA

Media Corner has been designed so that a remarkable ‘weeping willow’ tree will remain visible from the Chaussée de Louvain, through the particularly ‘transparent’ architecture. The façades of the first three buildings are composed of brick, and are of ‘filled and empty’ type. The dynamic aspect and the sense of rhythm of the façade are achieved through several combinations of formats, including openings of two different sizes, and modulation of 135 cm. Some of the openings will be grouped together via an anodised aluminium window feature.

Focus Park Culliganlaan, 1831 Diegem Developers Architect Surface Parking Delivery

Sopedi - Pylos Benelux Archi+I 21,121 m² Offices 532 spaces 2012

Focus Park is located in the airport zone, a few hundred metres from the airport itself and also with excellent train, bus and car access. It is alongside the Brussels Ring motorway interchange. Focus Park offers quality architecture along with green and sustainable techniques. This energy-conscious choice has the objective of achieving BREEAM ‘Excellent’ certification.

36 BELGIUM REAL ESTATE SHOWCASE 2011

Silver Tower Place Saint-Lazare, 1210 Brussels

Gateway Brussels Airport Developer Architect Surface

AG Real Estate Atelier de Genval, Accarain-Bouillot 33,000 m² Permit

Developer Architects Surface Status

This 27-storey tower to be located close to the headquarters of AG Real Estate, (Botanic Building), will be accompanied by a residential building. There is also to be a sculptural competition to add value to the rehabilitation of this part of the city. The height of Silver Tower will make it stand out even in a district not lacking in vertical buildings.

Brussels Airport Company Jaspers-Eyers & Partners / A2RC Architects 48,000 m²

Located in the airport complex and alongside the original terminal (now terminal C) Gateway is being entirely renovated, having originally been in a ‘U’ shape. The renovation will see the building now set around a central atrium. There will be a covered garden which will constitute a meeting area for the whole complex.

West End II Developers Architects Surface Parking Delivery

JV Kairos – Attis - Pylos Jaspers-Eyers & Partners 30,000 m² 600 spaces 2012

West End, located at the junction of the Brussels Ring and the E40 Brussels-Ostend motorway, is an office building complex. The phase remaining to be built will offer 5 buildings with 2 buildings interconnected, thus doubling the office area available per floor. The development will obtain a at least BREEAM certification of ‘Very Good’, reflecting the excellent overall energy performance, accessibility and reduced occupancy cost.

18 Noordkustlaan, 1702 Dilbeek

Arts Lux 58,Avenue des Arts, 1000 Brussels Developer Architect Surface Parking Delivery

AG Real Estate Archi + I 16,500 m² 238 spaces 2012

Strategically located on the corner of the inner ring road and the Rue du Luxembourg, opposite the rear of the Royal Palace and a few minutes walk to the European parliament, Arts Lux benefits from a metro station right outside the door. The renovation will see a majestic corner entrance, better access control and circulation, and a new modulation of 0.90 – 1.80 m. More natural light will be brought in, and the environmental performance of the building merits a BREEAM ‘Very good’ certification. BELGIUM REAL ESTATE SHOWCASE 2011 37

OFFICES I MARKET TRENDS I ANTWERP I

Antwerp, 2010 was an exceptional year In Belgium, the Antwerp office market can be considered as the second largest after Brussels. It represents around 10% of total Belgian office stock, some 2,355,000 m² including Mechelen. By contrast with the Brussels market, Antwerp is not really international in vocation. It revolves around regional activity, with the port as a major driver. Companies working in the secondary and tertiary sectors find it important to locate their regional or provincial headquarters here. Nevertheless, it is more and more coming to represent an alternative to the Brussels market.

Guibert de Crombrugghe Managing Director de Crombrugghe & Partners

n terms of take-up, the volume of almost 130,000 m² makes 2010 an exceptional year for the Antwerp market. This total represented an increase of around 44% on 2009. A few large scale transactions enabled this figure to be attained. The most important were the letting of Copernicus in the city centre by the VDAB (14,000 m²) and of the Mercator Building on the Singel by Vivium (14,000 m²). This proves that there is still substantial demand for buildings of quality, despite the economic uncertainty which has been present since the crisis. The private sector was particularly active in 2010, accounting for 75 % of transactions. Even though the vacancy level remains high, it has slightly decreased compared to 2009, currently situated at below 11 %, or almost 260.000 m². This is largely structural vacancy in second hand buildings, difficult to fundamentally rehabilitate. Following 2009 which was active in terms of deliveries onto the market with buildings such as City Link (26,700 m²) and the Avenue Building (9,821 m²), the major proportion of which have already found takers, 2010 was quieter in this respect. The main projects to come to the market are Helsmoortel III (5,900 m² on Generaal Lemansstraat) and Noordster-building, pre-let to the State Buildings Agency. The number of speculative projects set to be delivered in 2011 is virtually non-existent. Most of what there is will be centred around Mechelen (which is now a market in its own right). An economic recovery and the lack of scheduled new projects should in term translate into a decrease in vacancy.

The market is geographically divided into 4 main zones: Port Port activity, which has never stopped growing in importance is without any doubt the driver behind the City’s economic activity. Many production companies, followed by distribution companies, which will gradually become offices as the tertiary sector grows within the economy, set up over time around the port. This zone represents around 15% of total stock and can be divided into two subzones: Old Port The Old Port district extends parallel to the Schelde, to the north of Antwerp’s Market Square, up to and around the Bonaparte and Willem docks. A small core of prestigious maritime companies is still to be found in this zone, a result of the port activity which was carried out here before it moved northwards with the modernisation of the Port of Antwerp. This zone benefits from a good road network which enables easy access to East Flanders via the Waasland tunnel, and to the city centre. The district is characterised by a mixed building stock, bringing together the oldest of office buildings with more modern constructions.

New Port The New Port has mostly grown up over the past 20 years. It essentially extends along the Noorderlaan. Most buildings in this zone are in need of total renovation. Companies located in this zone, whose activities are directly connected to port activity, also benefit Rents are still under pressure, having dropped by from access to the Netherlands via the A12 some 6% compared to last year. This trend results (Antwerp-Roosendaal) and A1 (Antwerp-Breda) from the substantial vacancy level in Antwerp. motorways located just a few hundred metres from Noorderlaan. 38 BELGIUM REAL ESTATE SHOWCASE 2011

The business districts of Antwerp

The business districts shown on the map are the classification used by Jones Lang LaSalle.

The market is geographically divided into 4 main zones: Port, Centre, Singel (Ring zone) and Periphery. With a stock of almost 2,355,000 m² (including Mechelen). Antwerp is the second largest office market in Belgium with 10 % of the total market. Vacancy currently stands at around 11 %. Prime rents by zones are as follows : • Port • City centre

€105 /m²/year €140 /m²/year

City Centre This area takes in the whole of the zone contained inside the inner ring road and extends to the edge of the port zone in the north. Three principal zones can be identified: • the zone which extends to the north of the Meir: little sought-after due to a lack of modern buildings and of visibility. • the Diamond district: this zone is essentially concentrated around the Central Station where all of the diamond business (cutters and traders) is to

• Ring • Periphery (excl. Mechelen)

€135 /m²/year €100 /m²/year

be found. Offices here are mostly small in size and their popularity depends on the input of natural daylight from the north, essential in this domain where light plays an overriding role. • the south of the city: the office zones to be found here are mostly concentrated around the three main axes: the ‘Leien’ (Amerikalei, Britselei, Frankrijklei and Italielei),Mechelsesteenweg and Plantin & Moretuslei. This part is very popular with the large administrations as well as with companies from the banking sector, most notably BELGIUM REAL ESTATE SHOWCASE 2011 39

OFFICES I MARKET TRENDS I ANTWERP I

because of its central location, offering excellent visibility along the city’s main thoroughfares and because of the well-developed infrastructure (shops, hotels, restaurants etc.), and because of the substantial amount of public car parking facilities. Finally, the public transport network is good, with Central Station enabling communication with the whole of the national and international networks.

E34 respectively). Ease of access half way along the Antwerp-Brussels motorways, along with the proximity of Brussels Airport, constitute the main advantages of this zone. Many business parks have grown up here over recent years, of which some of the most noteworthy are Delta Business Park (approx. 6,000 m²) located at Kontich (Satenrozen, 1) and Naviga Business Park (approx. 11,000 m²) at Zwijndrecht (Nieuweweg 1).It is also along Because of the large proportion of second hand these axes that important industrial and logistics buildings, almost half of vacancy is concentrated parks have been developed. in this area, and projects are very rare. Conclusions The ‘Singel’ (or Ring) There are numerous advantages to the Antwerp This zone extends along the city’s ring road and office market: the presence of a port, excellent either side of the Singel and Binnensingel. Most national and international means of transport new office projects are to be found in this area. (particularly to the Netherlands and Germany), The scarcity of modern large-scale buildings (the a well-developed logistics network, and good average being around 3,500 m²) in the centre has balance between economic sectors (industry, encouraged some companies to look to the Ring offices and retail). or Periphery, which have seen the largest amount of development over recent years. The Ring zone Despite its reduced size when compared with offers a number of overriding advantages in terms Brussels, and other large European cities, the of a location choice: Antwerp market offers sizable advantages. Since • the presence of large size modern buildings 2008, the ‘Antwerp Headquarters’ task force, a responding to the requirements of current users public-private partnership between the city of • excellent links via the Ring to the various Antwerp and the private sector, has been aiming national and international motorways (Ghent to to attract enterprises and the headquarters of the west, Breda and Roosendaal to the north, Liège international companies from the Benelux. In to the east and Brussels to the south) a preliminary version of the explanatory note of • the proximity of the city centre and its the Antwerp 2012 guideline, the city estimates infrastructure that 600,000 to 781,000 m² of new offices will be • avoidance of city centre traffic problems needed over the next ten years in order to satisfy • good visibility demand. Within this context, the city is planning to follow a new planning policy for new offices In this part of the city, the development of the which will put the accent on: Nieuw-Zuid zone is being studied. In this 30 • 1. encouraging the development of hubs in ha. Zone bordered by the Singel, the Ring, the headquarters zones (which will mainly be quaysides and the new Law Courts, a whole new concentrated around the port, Central and district is being planned, through a public-private Berchem stations and, to the west of the city, the partnership, to include housing, offices, shops, other side of the Schelde) leisure activities and public service infrastructure. • 2. limiting office projects of over 1,500 m² in A few months ago the private partners reached a the other zones cooperation agreement with the AG Stadsplanning under which they commit to financing part of the Even if this note remains ambitious, it represents infrastructure costs. A further 2 to 3 years will be the first step towards active and strategic necessary before the project is fully underway, the promotion aiming to stimulate and strengthen the time to draw up a master plan, followed by an Antwerp office buildings market. impact study, and a ground use plan which the city will have to approve. Guibert de Crombrugghe Periphery Managing Director The Periphery, which accounts for some 30% of stock, takes in all of the communes located Patrizia Tortolani around Antwerp, essentially to the south and Economist west of the city, along the 3 motorways leading de Crombrugghe & Partners n to Brussels (E19 / A12), and to a lesser extent to Liège and Eindhoven (A13 / E313 and A21 / 40 BELGIUM REAL ESTATE SHOWCASE 2011

OFFICES I MARKET TRENDS I MECHELEN I

Mechelen, easy access between Brussels and Antwerp

Mechelen can be considered as a market in its own right, with office stock estimated at some 450,000 m², mostly spread through 3 zones (the north and south industrial zones and the centre, where the buildings are principally to be found along the Ring).

The take-up by Alken-Maes of almost 3,200 m² in Stephenson Plaza, developed by Uplace, was one of the major transactions of 2010 on the Mechelen office market.

echelen is a relatively young market with office buildings present in the city centre, but it is only over the past 20 years that more specific office buildings have begun to be located alongside the industrial zones. Mechelen can be seen as offering an alternative to the mobility problems found in Brussels or Antwerp.

Uplace Machelen: a very substantial rehabilitation of the Machelen canal zone, representing a total surface area of 190,000 m² comprising several activities – public areas, leisure (bowling, fitness, sports activities, museum, spa, restaurants, bars, etc.), offices, shops and a high quality hotel. Construction is scheduled for the end of 2011 with opening forecast for 2014.

This city has expanded greatly over the last decade and is continuing to expand. Current developments In 2010, take-up amounted to around 7,700 m² are located in the Mechelen Noord business park, on the Mechelen market, which is lower than the with various projects by developer Uplace. ten year average. One of the largest transactions was the renting by Alken-Maes of some 3,190 m² Stephenson Plaza (Blarenberglaan, along the E19): in Stephenson Plaza. The prime rent in this zone is This is a complex of 3 office buildings representing ± €125/m2/year. around 12,200 m² of total surface area. Blocks A and B were delivered in May 2009. Block C, representing Guibert de Crombrugghe, 5,840 m² , was delivered in July 2010. Managing Director York Tower, (Blarenberglaan, along the E19) : This will be an 8-storey building with a total surface area of 6,395 m² of which 5,400 m² of offices. Its construction will begin once a contract with an occupant has been signed, and is set to last 18 months.

Patrizia Tortolani Economist de Crombrugghe & Partners n

BELGIUM REAL ESTATE SHOWCASE 2011 41

OFFICES I MARKET TRENDS I ghent I

The ‘Artevelde’ stadium construction works are scheduled for completion in 2012. The master plan includes two ten-floor buildings with 28,000 m² of office space, with direct access to underground parking. 42 BELGIUM REAL ESTATE SHOWCASE 2011

Ghent: huge investments in new projects With a total stock of 1,36 million m², the Ghent office market represents the second office market in Flanders and the third in Belgium in terms of existing stock. The market can be divided into four districts : the centre, the northern region, the eastern region and the southern region.

he centre represents a share of ± 58 % of the stock (see chart). The southern district accounts for 25% of which one third is in recent buildings. The eastern district only represents 12% of the total stock, half of this being accounted for by the new buildings of the ‘Zuiderpoort’. Although the centre represents the major share of the stock, we are observing a transfer from the centre towards the suburbs because supply of new buildings can be found in this area. These locations often enjoy better accessibility, and locations near the exits of the E40 and E17 are the most appreciated. Demand for central locations, where main occupiers are public administrations, architects offices, call centres or ICT firms, has decreased over the years. This is the main reason why more and more buildings are being converted into residential units. Supply increases on average by 35.000 m² a year, which remains moderate as it represents less than 3 % of the overall supply. Taking into account current planned office projects, the stock is likely to rise by more than 275.000 m² during the next decade. This represents a stock increase of more than 20%. Expected change in local domination Local and regional companies currently dominate the office market, but this is likely to change in the future. For the past 2 years, an increasing number of companies from the Brussels region or from abroad have been choosing Ghent for their new headquarters. One of the reasons can be found in the absence of traffic congestion. But the city is also investing huge amounts in new projects and in marketing campaigns to attract more regional and national companies. With one of its biggest projects (‘The Loop’) with a potential development of 552.500 m² of which 155.000 m² offices) the City is even focusing on international companies. The strengths of Ghent are the presence of the university, the know-how industry and the port.

Four major zones The marketing plan of the city defines four headquarter zones. The first one is the redevelopment of the area around Ghent Saint Peter’s railway station where a total development of 82.000 m² is planned along the Fabiolalaan. The Flemish authorities decided in September 2010 to construct a new Flemish Administrative Centre in this zone with an area of 36.000m². They intend to use the office building at the beginning of 2014. Second zone is ‘The Loop’ (155.000 m² office spaces including the MG Tower), where the Flemish authorities decided in September 2010, to construct a new office building (7.500 m²) for the Flemish Environmental Agency (VMM), to be used as a centralized location for the field organisations of the VMM. Alongside The Loop, as already mentioned, is the construction of the MG Tower, a project of the de Paepe Group situated at the St-Denijs-Westrem exit of the E40. This 24 floor high office tower will have a surface area of 23.500 m² of office space and will bring together the activities of KBC which are currently spread over several buildings in and around Ghent. The construction works started in March 2010 and are scheduled to be finished by mid 2012. Even before the office buildings have been delivered, 25% of the 237.000 m² of the office space to be developed at The Loop and at Ghent Saint Peter’s railway station has already been taken up. The third zone is the ‘Artevelde’ stadium, located at the intersection of the E17 and E40 motorways and the R4 ring road. This is a multifunctional modern project that consists of the following elements: • a 20,000-seater, football stadium, with business seats, skyboxes, restaurants and other catering facilities, 14,000 m² of office space and 9,000 m² of retail space.

Patrizia Tortolani Economist de Crombrugghe & Partners

BELGIUM REAL ESTATE SHOWCASE 2011 43

OFFICES I MARKET TRENDS I ghent I

• two ten-floor buildings with 28,000 m² of additional office space, with direct access to underground parking, • 12,000 m² of retail space, to be occupied by a major store, • a 150 room, three star residential unit for longer stays, • 1,500 underground parking spaces. Construction works on this multifunctional project have started and are scheduled for completion in 2012. Finally, the town of Ghent in collaboration with AG SOB (a city development firm) intends to renew the whole area round the Oude Dokken in order to create 1.300 to 1.500 new housing units, leisure and green areas, office buildings (± 18.000 m²), and public amenities such as schools, sports hall and public library. The whole project will last approximately 10 to 15 years.

The prospering Ghent office market is also reflected in the low vacancy rate, which has remained stable in comparison with 2009, counting for approximately 60.000m² or 4.4% of the overall office supply. But in the long term, this vacancy rate could rise if the market does not absorb the extra office capacity, created by new office development and also by occupiers who have decided to centralise their services (see KBC) or to reduce their occupation levels.

‘Project Sofa’: redevelopment of the area around Ghent Saint Peter’s railway station with 82.000 m² of office spaces planned along the Fabiolalaan. The Flemish authorities decided in September 2010 to construct a new Flemish Administrative Centre (VAC) in this zone with an area of 36.000m². At the end of 2009, the developer Euro Immo Star organized an architecture competition: the architecture bureau Poponcini & Lootens has been selected to outline the design of this zone. 44 BELGIUM REAL ESTATE SHOWCASE 2011

www.projectfofa.be

Relatively lower rates than elsewhere Top rents vary around €140 / m²/year and medium rents around €110/m²/year. Up to now, the low levels of rents (lower than in some other Flemish cities), which bring with them very restricted negotiation margins for lessors and developers, explain the rarity of the new developments in Ghent. Future developments risk generating a downward pressure on the already low rental values. Nevertheless, these Low vacancy rate plans will be spread out over a period of more than During 2010, approximately 70.000m² of transaction 10 years, suggesting a volume of building which volume has been registered on the Ghent office should remain in line with the yearly average. market. This figure exceeds the average volume over the past decade, which stands at around 44.000 m². Patrizia Tortolani This is the result of the three above mentioned major Economist transactions on The Loop site and in the immediate de Crombrugghe & Partners n vicinity of Ghent Saint Peter’s railway station. Thanks to these transactions, the Ghent office market performed well last year.

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Official Partner: BELGIUM REAL ESTATE SHOWCASE 2011 45

OFFICES I MARKET TRENDS I LIèGE I

Demand waiting to be satisfied Liège, the largest city of the Walloon region with an office stock of ± 470,000 m², can be divided into two broad zones. The first area is downtown Liege, on the left bank of the Meuse; the second zone is located on the right bank.

round 70% of the stock is located downtown, mainly along large avenues, such as Boulevard de la Sauvenière and Boulevard d’Avroy. The main occupiers are public administrations and regional and provincial governments (± 40 %), followed by institutions (banks and insurance companies) (± 20 %). On the periphery, the supply of suitable buildings is virtually non-inexistent and is concentrated in offices parks including Zénobe Gramme and the Sart Tilman science park.

Patrizia Tortolani Economist de Crombrugghe & Partners

46 BELGIUM REAL ESTATE SHOWCASE 2011

High proportion of second-hand stock Approximately 40 % of the stock involves secondhand buildings. The demand for offices of good quality is substantial in Liège but there is a serious lack of new development meeting the needs of current occupiers. Due to a lack of quality buildings, some firms have no other choice than to install in residential premises transformed into offices. According to a study carried out by DataQuest (Research department of Immoquest), some 25,000 m² of offices are located in host houses on the left bank of the Meuse (say 7,5% of the stock in this area) with as a consequence high operating costs, energy losses, and unsuitable premises with a lack of parking facilities. Several developments are currently being examined to solve this imbalance between supply and demand. The new Alleur Offices Park (a mixed site of 7,500 m² low energy offices and 6,000 m² warehouses), delivered at the end of 2010, is one of them. This park is located close to the motorway interchange (E40-E25) at Loncin. The offices have an energy coefficient of K 29, still unmatched in the Liège region. CMI Defence and Deloitte & Touche have already rented space in this centre. Espace Horizon is a development in an early planning stage. This complex located at the corner of Rue du Fourneau and Boulevard de l’Automobile will offer 20,000 m² of office space, 5,000 m² of retail space and 15,000 m² destined for apartments, with 750 underground parking spaces.

Further projects Other large scale developments are planned in the region but the timing is not yet defined for most of them. Amongst these is the Val Benoît site (previously a university campus of 8 ha now dedicated to technologies and economic purposes), with a development potential of 40,000 m² of economic activity space. The of the local authorities’ plans to create around 100,000 m² of new office space around the Guillemins Station (including the reconstruction of the future Finance Tower representing an area of 52,700 m² at rue du Paradis, 1) will also create a new dynamic for the market and help remedy the lack of high-quality office space. On the southern outskirts of Liège, the town of Seraing has established a master-plan covering an area of 800 hectares and involving a total renewal of the former industrial backbone of the town (CMI Cockerill, ArcelorMittal) including the creation of a leisure centre, green areas, housing, retail, a new administrative centre and the largest themed commercial centre in Europe. In terms of office spaces, this large scale project will cover 19,000 m² (12 buildings) in the ‘Cristal Park’ development, various office buildings in Neocittà I (6,000 m2, complex of blocks of apartments, shops and offices (future headquarters of Eriges) and Neocittà II (20,000 m2, economic, commercial and residential space), along with the 17 hectare ‘LD’ business park. The whole project will take several years. A new multi-modal public transport station is also part of the plan. Average rents remain very reasonable The creation of new office space in Liège is on-going but it will take several years before all the developments come onto the market and before the supply meet the demand from current occupiers. During the first half of 2010, take up represented 11,400 m² let or purchased, which is very low in comparison with 2009, which recorded relatively high take-up figures (± 55,800 m²) due to the exceptional deal transacted by the Régie des

photo Arch. Delaval – Atelier XV

Bâtiments (State Buildings Agency), letting 52,700 m² in development located on rue du Paradis 1. Except for a transaction in the Park Alleur of approximately 3,000 m² office space, demand was concentrated in areas of under 1,000 m². Despite the numerous assets of the city (new TGV station, LiègeAirport, central location and good motorway accessibility), average rents in Liège remain very reasonable compared with Brussels and vary between €10 /m²/year and €135/m²/year for new and prime space and between €80 and 95/ m²/year for second-hand buildings. Prime rents

The new Alleur Offices Park (a mixed site of 7,500 m² low energy offices and 6,000 m² warehouses) is located close to the motorway interchange (E40-E25) at Loncin. The offices have an energy coefficient of K 29, still unmatched in the Liège region.

increased from €120 to 13 /m²/y in comparison with 2009. This is a consequence of the lack of new medium to large scale developments and of demand for modern buildings exceeding supply.

Patrizia Tortolani Economist de Crombrugghe & Partners n

BELGIUM REAL ESTATE SHOWCASE 2011 47

Retail I Shopping Centres projects I

Opening soon (but not right now…) The current year 2011 is not expected to see the opening of any new shopping centres worthy of the title, in Belgium. Investor reluctance allied to the notoriously stringent planning regulations in the country – mindful of protecting its traditional city centre infrastructure – are behind this. However, a number of projects are set to appear in the years to come. Tim Harrup n

Entre deux portes Avenue de la Toison d’or, 1050 Brussels Developer Architect: Surface Opening:

Prowinko UNStudio, Jaspers-Eyers & Partners 13,000 m² Permit

This major project has been under discussion for some years, and the buildings which previously occupied the site have been demolished, making way for a temporary open air exhibition area. A permit request has now been lodged with the local commune, for a complex which would see apartments and car parking as well as the shopping centre. The developers and architect are aiming for BREEAM ‘Excellent’ certification. Toison d’Or is located between the Avenue Louise and Chaussée d’Ixelles, the zone constituting the uptown Brussels shopping area

Image © Altiplan Architects

Au Fil de l’Eau

48 BELGIUM REAL ESTATE SHOWCASE 2011

Verviers Developer Architects Surface Opening

City Mall ALTIPLAN° Architects, DDS & Partners 25,000 m² 2013

This scheme, located in Verviers, to the south east of Liège and close to the Spa-Francorchamps motor racing circuit, has been in the planning phase for some time. The local authority finally granted a permit in October 2010, and works are planned to start at the end of 2011.

ABC Mosselman Brussels, Anderlecht Ifamo holding DDS & Partners 17,000 m² 2013

Located in the Anderlecht commune of Brussels, this development is set to be dedicated to all types of vehicles, two and four wheel. It is designed with sustainable technologies, and is set in a landscaped garden designed by Jean Delogne.

Image © Uplace

Developer Architect: Surface Opening:

Uplace Machelen Brussels North Developer Architect Surface Opening

Uplace Benoy 98,000 m2 2014

Image © Wilhelm & Co

Image © DDS & Partners

Located as it is on the northern periphery of Brussels, UPlace Machelen is the largest single retail and leisure development in the Benelux so far 72,000 m2 retail spaces, 7,500 m2 dedicated to food and drink business and 19.500 m2 for leisure activities. Particular attention is also paid to public areas (50,000 m2) set to be equal to around one third of the constructed area. Work on UPlace Machelen is scheduled to start at the end of 2011 with completion planned for 2014.

Site Boch La Louvière Developer Architect Surface Opening

Wilhelm & Co Ron Arad 34,500 m² TBA

The shopping element of this site in La Louvière, around 30 minutes south of Brussels, is part of a larger mixed-use complex. There will be 60,000 m² of residential accommodation, a cinema, offices and green areas. The shopping centre will have direct pedestrian access to the town centre and the new railway station. The Wilhelm & Co. / Ron Arad partnership has recently worked together to produce the successful ‘Médiacité’ project in Liège, which has BREEAM certification. The same approach is being used for Boch. BELGIUM REAL ESTATE SHOWCASE 2011 49

Renderings © Art & Build Architect / Quick-it

Retail I Shopping Centres projects I

Just Under the Sky Brussels, alongside the Brussels canal, near the Van Praet bridge Developer Architect Surface Opening

Equilis sa Art & Build 42,000 m² 2014

This 6-building, 2-level complex gets its name from the lightweight transparent roofing which is a main feature. Located in the north of Brussels alongside the canal, it has been designed to be environmentally friendly, and to provide shopping and leisure activities representing a ‘lifestyle’. It is designed in the manner of a district whose squares and thoroughfares are surrounded by buildings. It will accommodate large, specialised retailers.

Rive Gauche Charleroi, Place Albert Developer Architect Surface Opening

St. Lambert Promotion DDS & Partners – P. Lallemand 33,000 m² 2014

Image © P. Lallemand – DDS & Partners

The desire to rehabilitate part of Charleroi town centre has been expressed by the City authorities for a long time. The project which has finally been retained for this industrial city located in some 50 km to the south of Brussels, is Rive Gauche. The project will include the refurbishment of the Place Albert and the creation of a new underground car park.

Papeteries de Genval Developer Architects Surface Opening

Equilis DDS & Partners, Atelier de genval 15,000 m² 2013

Located in the residential belt surrounding Brussels, this retail development is nevertheless taking place on an industrial site. Jointly designed by DDS & partners and the Atelier de Genval, the complex will total over 50,000 m², with 25,000 m² of residential accommodation and 11,000 m² of services to be added to the retail element. 5050BELGIUM BELGIUM REAL REAL ESTATE ESTATE SHOWCASE SHOWCASE 2011 2011

Image © DDS & Partners

Brussels Periphery South

RETAIL I TOP HIGH STREETS I

Provinces gaining ground Throughout Europe, there is a renewed confidence in the retail world. Amongst the chains, one in five is planning, according to some reports, to open 40 new shops this year. How has the Belgian high street scene reacted to this confidence during recent times?

onsumer spending in Belgium increased by around 1.4% in 2010, having recorded a slight decrease in 2009. This led to overall retail turnover standing at some 65 billion Euros, very much in line with the five year average. It is forecast to rise gradually over the next four years, to hit 70 billion Euros by 2014. Within this context, high streets, a very important and somewhat protected element of the Belgian shopping landscape, had seen considerable growth over recent years, with take-up increasing every year from 2005 to 2009. In 2010, however, and despite the relatively good consumer figures, take-up slowed. The table shows the top ten high streets in Belgium’s major cities, but does not consider the smaller provincial towns. It should be noted that other streets in Brussels would ‘make the list’ such as the Avenue Louise at around €1,100. The uptown area alongside the Avenue Louise – Toison d’Or and Chaussée d’Ixelles – is also seeing considerable redevelopment and new retailers.

The Meir in Antwerp is Belgium’s most expensive retail location’

DTZ Brussels, pointed out, certain geographical zones are currently gaining in popularity. This is the case on the Brussels periphery, for Waterloo in particular, around 20 km from the capital, and the phenomenon extends as far as Louvain-la-Neuve, around twice that distance away. Going further out Outlook into the south of Belgium, Charleroi and Verviers The demand from retailers and from investors for are expected to become higher profile, and the quality space is set to continue, but this is in short Belgian coast – even if it too has seen a slowdown supply and as a result, both prime rents and yields in 2010 – continues to attract new retailers. are expected to remain stable over the coming months. As Vincent Leroux, Head of Research at Tim HARRUP n

Top ten prime high street rents City

Street

2009 prime

2010 prime

Change

Antwerp Brussels Gent Bruges Liège Hasselt Namur Ostend Louvain Knokke

Meir Rue Neuve Veldstraat Steenstraat Vinâve d’Île Hoogstraat Rues d’Ange/Fer Wapenplein/ Kapellestraat Diestsestraat Lippenslaan/ Kustlaan

1,600 1,600 1,300 1,100 1,100 1,100 950 800

1,700 1,650 1,300 1,100 1,100 1,100 950 800

+6% +3% 0 0 0 0 0 0

700 650

700 700

0 +8%

(With thanks to DTZ Research for the figures) BELGIUM REAL ESTATE SHOWCASE 2011 51

LOGISTICS I MARKET TRENDS I BELGIUM I

Stable market, stable de m That the Belgian market struggled during the economic crisis, is one of the findings of a recent study from Cushman & Wakefield. The economic indicators remain cautiously positive for now, with growth forecast at 1.8 %.

Jan Voet Editor of Warehouse & Logistics Magazine

hile Belgian politics are locked in stalemate, the economy is continuing to run with the rest of the European pack. Belgium benefits from its export-oriented economy, allowing it to respond to the excellent figures posted by Germany in 2010. Germany has completed some fundamental reforms, which had a particularly significant impact on the labour market. Politicians in Belgium are currently considering the options for putting together a new government, so it seems that radical reform has been put on the back burner. With negotiations having continued for more than 200 days, it is proving more difficult than ever to form a government, because of the strong political divisions in the major language groups in Belgium. Despite the political impasse, economic results have been more than adequate, boosted by stronger exports, which of course has a direct impact on logistics. Exports to the country’s immediate European neighbours performed especially well. Industrial production grew in the second quarter, particularly compared to 2009. This meant that rents remained stable in the third quarter because the vast majority of firms stayed where they were. There was even a slight increase in the second quarter, although this trend did not continue later in the year. In stark contrast, the investment market experienced hardly any activity in the

third quarter. A handful of large contracts was signed, but in general terms there was scarcely any movement. Yields therefore remained static in the third quarter, primarily as a consequence of low demand. In addition, there are currently no signs of a sustainable recovery. Golden triangle Viewed from the perspective of deep economic crisis, the results recorded in the region between Antwerp and Brussels were more than reasonable. Take-up was pretty good, especially in the third quarter, although the figures were lower than in the second quarter. However, a large number of major deals was concluded in the spring. Demand can currently be described as stable. The emphasis is on smaller buildings and surface areas, which can offer all the facilities of a large building combined with an excellent location. The reason is clear: more expensive credit is making shippers and logistics service providers particularly sensitive to large stocks. These eat into the underlying capital, which translates directly into a demand for smaller storage volumes, which logically should rotate much more frequently. A contract like that signed by Distrilog in June for 45,000 square meters near Willebroek can almost be described as atypical under these circumstances.

Logistics rents (September 2010)

growth% over 1 year

growth% over 5 years

Brussels

€46/m

-0.4

-2.1

Antwerp

€42/m2

-0.5

-2.3

Liege

€34/m

-0.6

-5.6

Ghent

€36/m2

0.6

-5.3

Hasselt-Genk

€35/m2

1.8

-2.8

Industrial rents (September 2010)

52 BELGIUM REAL ESTATE SHOWCASE 2011

growth% over 5 years

growth% over 1 year

Brussels

€52/m

-0.4

4.0

Antwerp

€42/m2

-1.4

5.0

Liege

€32/m

-1.8

6.7

Ghent

€30/m2

-3.0

0.0

Hasselt-Genk

€32/m

-1.8

6.7

e mand, building freeze

More expensive credit is making shippers and logistics service providers particularly sensitive to large stocks. These eat into the underlying capital, which translates directly into a demand for smaller storage volumes, which logically should rotate much more frequently.

of 23 million euro, after a handful of contracts had been concluded in the previous quarter. The low level of investment is the result of several factors. First, the limited supply of well-located buildings with interesting rental contracts. Investors are still being especially careful about taking risks and are therefore holding fast to the certainties in their portfolios. Investors are trying to do something to put pressure on the market, but sellers have not been prepared to lower their prices for now and are holding onto their buildings. The result of this prudent policy is that yields are not under pressure. They remain more or less at the same level as in previous quarters, at 7.75% in Brussels and Antwerp. Other parts of the country are 8.25%. Another factor is the political uncertainty, fed by the lengthy process to form a government. Because the two linguistic communities expressed very different political priorities in the elections, it is anything but simple to put together a representative coalition that can construct a government programme. The protracted political impasse creates uncertainty for many players in the logistics property market and obviously Investments also for industrial companies and shippers. In The market for industrial investment slowed principle, the Government should be formed during the third quarter. There was a total turnover and get to work during 2011 unless the country The development and construction of warehouses is virtually at a standstill. There is hardly any building activity, as banks are being very cautious in assessing credit risk, but also and mainly because developers are finding that shippers and logistics players are not inclined to invest in or expand their operations. Because of this de facto moratorium, the vacancy rate in the region between Antwerp and Brussels remains rather low. That in turn explains why prices are not in free fall. A large number of projects is currently in the planning or licensing phase. But it is very unlikely that a single spade will be turned on any project before leases have been signed with shippers or logistics specialists. That way the developers restrict their risks. It can be expected that negotiations for relatively small areas within warehouses for different shippers will take more time to complete, especially if developers are aiming to get their building fully leased or under contract before starting construction. In the current climate that is indeed anything but rare. It seems likely therefore that there will not be any major moves in early 2011.

BELGIUM REAL ESTATE SHOWCASE 2011 53

goes back to the polls. In that case there will be a strong growth either. Take-up, rents and especially profound political crisis, which could also have an the supply of new and high-value buildings will impact on economic activity in the country. change little. The profound political crisis also appears to 2011 have had a negative impact on potential foreign What is expected for this year? The performance of investors. Quite a few foreign companies are the Belgian economy is traditionally closely linked waiting until a new government is formed, and an to that of its immediate neighbours. Germany economic policy emerges that provides stability seems to have left the economic crisis behind, in the Belgian market. A new policy is therefore including a strongly performing automotive important. Belgium is facing a large number sector. In the Netherlands, the North Sea ports of challenges, which for foreign companies are reporting excellent figures. France is reacting significantly outweigh the linguistic divisions: somewhat cautiously, but 2011 will still be the year it is primarily the significant national debt and of economic recovery. The BRIC countries have rigid labour market that deter potential investors. emerged virtually unscathed from the economic A new government will therefore have its hands crisis and continue to deliver strong growth rates. full: to build a new balance between the language The United States continues to slowly climb out communities is only a first step of its policy. It will of its slump. Nevertheless, the negative impact of then need to work hard to produce a framework a slowdown in America is less than it would have that creates a framework for the Belgian economy been a decade ago, for example, because other to enjoy stable growth over the next decade. economies are relatively more important. The Belgian market is currently heading for Jan VOET n 1.8% growth for 2011, the same figure as 2010. Editor of Warehouse & Logistics Magazine That is certainly not brilliant, but it is enough to stabilise the industrial property market. It seems likely therefore that the prospect is for stability: no decline (fortunately!), but not particularly

54 BELGIUM REAL ESTATE SHOWCASE 2011

Logistics I MARKET TRENDS I Wallonia I

More than 1 million m² of buildings to be renovated The logistics real estate market was weak in Wallonia in 2010. The lack of quality infrastructure is one of the major causes of this poor performance: an excess of old buildings no longer responding to norms and insufficient new constructions. Faced with competition from neighbouring countries, the southern region risks losing its privileged position as a logistics hub.

he logistics and semi-industrial real estate market has been particularly weak in 2010 in Belgium. There have been only a few transactions involving more than 10,000 square metres. A result of the crisis? Not just the crisis – the cruel lack of quality infrastructure is one of the major causes of this poor performance. For on the one hand old buildings no longer respond to required norms, and no longer meet the ever more precise demands of investors. And on the other hand there have not been enough new constructions over recent years, and few buildings are underway. The lack of suitable infrastructure is therefore a reality. This demands a rapid change in the market because competition from neighbouring countries is growing, and if we don’t react Belgium will rapidly lose its privileged position as a logistics hub in investors’ hearts. Not ‘sustainable’ enough in Wallonia Out of a stock of eight million square metres of logistics and semi-industrial buildings in Wallonia, our studies indicate that a million square metres of warehouse space do not conform to new European norms in terms of sustainability and safety. What are they lacking? These depots are not able to provide a part of their energy requirements through photovoltaic panels (and Walloon legislation doesn’t encourage this – see inset) or via a wind turbine. They do not recuperate rainwater for internal use, their lighting systems are basic, they have not been optimised with a view to responsible consumption, etc. In summary, their energy coefficient is high and therefore not of interest in the eyes of investors and users. Example to follow from across the Channel In the United Kingdom the ‘G. Park Blue’ by Gazeley has received the title of ‘Best Sustainable

Real Estate Project’ thanks to the project’s particularly innovative conception. This is the first building in the world to be allocated the mention ‘Exceptional’ for its conception phase from the BREEAM reference agency (Building Research Establishment Environmental Assessment Method). Located on a former coal-mine site, G.Park Blue Planet is a 35,500 m² real estate project, which is a similar size to those we know in Wallonia. And yet 100% of its electricity and its heating come from renewable sources. Demolition required for better reconstruction “There are plenty of sites, but the price is too high”, is what we keep hearing from those with political responsibility. And yet a recent survey carried out by ImmoQuest demonstrates the exact opposite: prices remain affordable but, except for certain well-defined zones within Hainaut province, there isn’t a single site left in Wallonia which would be able to accommodate large new industrial buildings or global projects such as data-centres or semi-industrial centres. In these cases we are, it is true, talking of sites of several hectares. The solution which is both most interesting and suitable, from financial and planning points of view, would be to persuade owners of old industrial buildings to demolish them and build new ones. There is a potential of one million square metres which could be recuperated. The real estate professionals emphasise that this is not a solution to be pondered over for years, the urgency is now! This reality is even more flagrant in the semiindustrial sector: there is not enough modern infrastructure. And this is necessary for getting Wallonia back to work. Analysis reveals that there is potential to develop

Christophe Nihon Managing Partner ImmoQuest

BELGIUM REAL ESTATE SHOWCASE 2011 55

five semi-industrial zones of 15,000 m² in Hainaut (Gosselies, Seneffe, Tournai) and Liège (Villers-leBouillet and Hauts-Sarts). These sites respond to the most common requirements. The investment would therefore rapidly be rented – there are clients waiting…

Conclusions : the essentials • The space exists, but the obsolete has to be demolished to enable the new to be built

• Investors are waiting for quality infrastructure oriented towards sustainable development. But they won’t wait for ever because logistics Invest in what? and semi-industrial activities are developing in What sort of projects would be the most profitable neighbouring countries. and with the highest demand? Based on our experience in urban areas, we should build • The public authorities should provide incentives ‘parcels’ for SME’s. They would include 1,000 for owners to demolish and construct sustainably. m² surface areas divisible into three on the one hand, and 5,000 m² surface areas divisible into • We should consider a plan for profitably three or four on the other. This space would be constructing semi-industrial complexes and able to be resold at 450 to 500 Euros per square parcelling them out! metre (main structure completed). In this type of case, we would be certain to meet with an already existing demand, and a demand which is getting Christophe Nihon ever greater. Managing Partner But take care, the urgency is genuine because ImmoQuest n investors wishing to diversify their portfolios are waiting. They are attracted by the many advantages of Wallonia: its multi-modal network, lower prices than in neighbouring regions, central location in Europe, investment support etc. In our job we come up against a great many requests which we cannot satisfy: there is nothing of size and quality to offer to investors. The public authorities should intervene, by providing incentives for investing in this new infrastructure which would replace the old and obsolete buildings. Without such aid, the market will not evolve and investors will, without any doubt, turn to the competition from neighbouring countries.

Photovoltaic potential under-exploited

The photovoltaic potential available on industrial roofs is under-exploited in Wallonia. One of the reasons is insufficient financial aid: the legislation in Wallonia limits the number of green certificates granted to a production threshold, a limit which does not exist in Flanders. According to the Agora federation, the success of the photovoltaic channel now enables it to do without incentives, but the financial, regulatory and legal conditions which are indispensable to encourage such projects, are lacking. According to the federation “we should encourage the use of photovoltaic on the hundreds of thousands of square metres available on the vast roofs of companies and logistics centres”. But it also identifies the stumbling block: “The buying and selling of electricity should be more flexible so that everyone can become a peer-to-peer player on the network (just like the internet). Currently, in the Wallonia Region, regulations make it impossible to sell your electricity without going through the grid and its historical players. Even within the same building or piece of registered land, a supplier’s licence, issued by the ‘Cwape’ is required. This situation makes setting up third party investor projects or a real ‘roof exchange’ impossible. Many large scale photovoltaic projects could come to fruition if a clearly defined legal framework existed for setting up a third party investors mechanism. This is currently difficult because of the lack of legal security. No legislation exists, for example, which clearly sets out the responsibility of each party by ruling on events which may occur within such a relationship (fire, sale of the building etc.).

56 BELGIUM REAL ESTATE SHOWCASE 2011

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LOGISTICS I REAL ESTATE DEVELOPMENT STRATEGY I

Impact of multimodal tran s property development What can we expect on the Belgian industrial property market in 2011? It’s clear that the economy is continuing to recover after the crisis, but how will logistical service providers and shippers respond to market demands? A brief look at the trends.

Jan Voet Editor of Warehouse & Logistics Magazine

ontacts with both logistics specialists and shippers have revealed a central theme that has increasingly been coming to the fore: sustainable logistics. This means a lot more than just solar panels on warehouse roofs and energy-saving installations. More and more shippers are under pressure from stakeholders to make their logistical operations CO2 neutral or at least CO2 neutral. In order to reduce greenhouse gas emissions from a logistical chain, the design of that chain is geared from the outset towards achieving as low a level of emissions as possible. CO2 will clearly be a determining factor in the years to come; the national and European authorities are increasingly placing the emphasis on a reduction of greenhouse gases. The port of Antwerp, a pioneer in multimodal transport Numerous players in the logistics sector are capitalising on this trend with relish. For example the port of Antwerp is playing a pioneering role in multimodal transport, in which alternative modes to truck transport are being promoted. The use of inland shipping and rail can help reduce the number of kilometres per lorry, with the advantage of the ensuing drop in CO2 emissions for the whole route. Koenraad Cuypers, strategy and development consultant for the Antwerp Port Authority, explains the port of Antwerp’s strategy of opting for other modes of transport: “To ensure the reliable transportation to the hinterland of the volumes handled by the port, as a port authority we certainly encourage the modal shift. Antwerp is a typical shippers’ port, which sometimes makes it difficult to opt for a multimodal solution for small, ad-hoc freight flows. But if we look at the industrial volumes, which remained more or less constant during the crisis, we see that inland shipping is being chosen to a large degree. More than 60% of freight flows from Antwerp to the Ruhr Area are transported by inland navigation vessel, and that means a structural reduction in the pressure on the road network. You can look at the modal split in

58 BELGIUM REAL ESTATE SHOWCASE 2011

different ways. Of all the containers that leave the port, 11% are transported by rail and around 35% by barge. The rest are carried by lorry. If we look at the distances, we see that a large proportion of the short distances are covered by truck.” Extended gateways and inland shipping The fact that inland shipping is being chosen more and more is primarily attributable to the high service level attained, as well as the pressure to be more environmentally friendly. To labour an obvious point, only a very small proportion of containers really have to be brought to their end destination very quickly. For the vast majority of shippers a reliable connection is much more important. Inland shipping, and in particular the inland terminals, offers great flexibility, enabling containers to be delivered to the client on demand. Koen Cuypers: ”At the moment a major investment programme is under way for the Albert Canal, making it possible for barges to navigate with four layers of containers. The connection between Antwerp and the Rhine offers the possibility for containers to be transported into the hinterland at fixed prices. We are thus witnessing a very significant development of inland shipping on the Rhine corridors. An additional advantage, apart from the security of delivery, is the flexibility inherent to working with an inland terminal. We are also currently developing an integrated planning system for inland shipping, which will enable a cut in the waiting times at the deep sea terminals.” “We are also noticing that some of those logistical activities that are not overly maritime related, are increasingly being performed at sites outside the port.” These extended gateways are thereby also capitalising on the trend that is seeing the boundary between logistical and industrial activities becoming ever vaguer. Development of Antwerp’s hinterland Antwerp has a very large hinterland that can easily be served by rail. “We have good connections to almost all areas in our hinterland. Only the south

n sport on industrial of Germany lags behind a little, because in that case Hamburg and Bremen are often chosen. And yet that is illogical, because Antwerp is geographically closer. Rail is an appropriate mode of transport for many container movements”, says Koen Cuypers: “Infrabel is currently working on a sizeable investment programme in the port of Antwerp. An additional rail tunnel will be built under the Scheldt, which will make freight transport between the left and right banks a great deal quicker.” The Antwerp Port Authority has marked out a course that will guarantee sustainable growth of the port in the future. “That is not self evident when you see how intensively the port’s land area on the right bank is already being used,” says Annik Dirkx. “The port still has opportunities for growth on the left bank, where we are also carefully weighing up the ways in which the land will be used. On the right bank of the Scheldt infill development is increasingly taking place, with the result that the surface area is used as efficiently as possible and the value of the land is being increased. In the future, too, we will also be aiming for a balance between our three cornerstones: transhipment, industry and logistics. That also implies a major advantage for the shipping companies, since in this way there is always a return cargo to be picked up.” Koen Cuypers: “Nonetheless, we are seeing a change of mentality within the port community. Where there used to be primarily a maritime focus, the hinterland is now becoming more and more important. As the Antwerp Port Authority it is in our interest to be well established in that hinterland. Cooperation agreements, such as the one with Trilogiport, confirm that trend.” To take advantage of the greening trend, the recommendation is to invest in industrial property that can easily be reached by the three modes of transport. Rail and inland shipping are of course less flexible than lorries, but we are seeing a large number of new inland terminals appearing in both Flanders and Wallonia. The current trends indicate that these terminals will become important growth centres for logistical activities.

the trends that are gaining in importance. By applying the strategy of “Extended Gateways” the axes between the ports will become more important. The Albert Canal in particular could in the long run become a competitor for the famous golden triangle. But rail terminals and multimodal terminals will also quickly gain in importance if another trend continues: consolidation. Consolidation involves various shippers having their freight flows or logistical flows brought together with one or more logistical service providers. The result is that fewer movements by truck, rail or barge are needed to attain the same service level. What is clear is that consolidation will become more important among shippers that have to ship large volumes of cargo to very diverse places. The pressure from the shareholders among these players for the further development of consolidation projects is very great. For industrial property it is not easy at the moment to estimate what an increase in consolidation will bring about. To start with, buildings will have to be as multifunctional as possible from the outset, and they will also have to be adaptable to simple industrial processes. The question is simply what the impact will be on the surface areas used: will the demand for square metres increase or decrease? Will there still be a need for large warehouses right next to the port, or will smaller distribution centres be set up closer to the client (i.e. further inland)? Consolidation is a good way of ridding the transport or logistics chain of inherent inefficiencies. The pressure for shippers to enter into cooperation in the logistics chains, which indeed to a large degree run in parallel, can therefore not be underestimated. Many specialists in the field therefore reckon that we will be seeing more and more consolidation over the next two to three years.

Jan VOET n Editor of Warehouse & Logistics Magazine

Impact of shipper consolidation on industrial property For anyone active in logistical property, it is therefore extremely important to keep track of BELGIUM REAL ESTATE SHOWCASE 2011 59

60 BELGIUM REAL ESTATE SHOWCASE 2011

INVESTMENT STRATEGIES property management

ne of the lessons learned by investors during the crisis is that a diversification of their portfolios is desirable. With the traditional office market having suffered so badly, warehousing, and retail have become core investment products. More recently, however, another asset class has come to the fore – residential accommodation in all its forms, from crèches, through apartments, to old people’s homes. In this section, the experts give us their views on the practical and technical aspects of this evolution, and we take a closer look at property management – in other words best practice for keeping the asset at its optimal value. The universes of the developer and the user are now coming together - sustainability and low energy usage have to be built in from the drawing board stage, as do the high degree of technical performance and user comfort demanded by occupants.

SUMMARY 62 Property finance: what outlook for the coming years ? 64 Real estate development, converting obsolete offices to housing 66 Investment strategy: diversification and quality are the keys 68 Environmental certification 72 Law and environment, from brownfields to green 74 Logistics real estate financing, freeing up cash ! 76 Occupancy Cost Index, first decrease for 5 years 78 The impact of workplace design on vacancy 81 Architecture and Facility Management join forces

Other articles about estate investment and property management in the ‘Belgium Real Estate Showcase’ previous edition, or in the Profacility magazine, can be consulted on www.pro-realestate.be/library. All articles are classified by date. They can be downloaded in PDF format either in French, Dutch or English.

Public-private partnership | One key concept: effective cooperation (06/12/2010)

Offices I DTZ Affordability Index. Brussels in strong position (17/03/2010)

Green buildings I A new reality, not a new passing trend (11/03/2010)

Financing I Belgian Real Estate Certificates : rediscovering an ancestor (10/03/2010)

Taxation I VAT on the price of land: a reality from 2011 onwards (10/03/2010)

Property Management I Life in empty offices (04/04/2009)

BELGIUM REAL ESTATE SHOWCASE 2011 61

investment I strategies I FINANCING I

Property finance : what the coming year ? The transactional real estate sector slowly recovers from the credit crisis. Banks are lending again: this is a fact, but they do so on fairly restrictive terms. They force borrowers to be more rigorous when they prepare a transaction and require more securities for their loans.

t’s true, banks are lending again to the real estate sector. Everybody is saying it. So things have changed since last year. At the time, everybody was complaining about the absence of credit and the impossibility which resulted for many leveraged investors to make any real estate deal. Equity buyers were the kings of the market because they had sufficient own resources and did not need external financing to carry out their acquisitions. They were essentially the German funds, the SICAFIs and other institutional investors.

Bruno Duquesne is a Partner at CMS DeBacker and Head of the Corporate Real Estate practice. He specializes in real estate investment and financing, acting for both domestic and foreign institutions.

Quality and transparency have become essential criteria So the situation is different today. However, we can certainly not claim that we have returned to the practices that developed in the market before the crisis, and it is certainly so much better ! On the basis of a survey carried out inside the CMS network, we note that about everywhere in Europe, the points of view strongly converge on the current evolution of the market. While caricaturing a little, we can say that banks agree to only look at those files that bear on high-quality buildings (in particular environmental), located in prime places and occupied by first-class tenants (public institutions, etc) under the long-term lease agreements. Obviously, these transactions are not numerous… Beyond this stampede toward quality – that doesn’t surprise us because a number of investors have the exact same approach today –, other features of the approach of the “banks that are lending again” are worth noting. First of all, they look with mistrust complicated structures and see an additional risk there. A good file today is a file assembled on the basis of a structure as simple and easy to apprehend as possible. We can however wonder whether the possible complexity of the corporate structure set up by the borrower

62 BELGIUM REAL ESTATE SHOWCASE 2011

to carry out his investment is relevant for the assessment of the lender. Above all, one would indeed assume that the important element for the lender is to adequately control the underlying asset and the cash flows it generates. We also see that the banks have somewhat stiffened their approach regarding the content of the contractual documentation. We note less flexibility on certain clauses. The argument according to which it is “the standard documentation of the bank” is more frequently used than before. Securities are also dealt with in a less flexible way than before, more particularly mortgages. Mortgages securing only a small portion of the loan are less frequent than before: the banks often require a mortgage for a very substantial part of the loan amount. This evolution is explained in particular by the constraints of refinancing. We think on the one hand of the constraints depending on the coming into effect of Basle III and its consequences on certain classes of real estate assets, or on the other hand at the German pfandbriefs market which imposes mortgages equal to 60 percent of the mortgage lending value of the property. We also note that certain transaction which in earlier times would have been genuine without recourse financings, now no longer qualify as such because the guarantee of the parent company is required to a certain extent, etc. The banks also seek to better control their cash flows and, for this reason, are much more restrictive on the concept of excess cash flow and how to deal with it. A more rigorous review of credit applications As far as the financial ratios are concerned, we also see a rather significant evolution, in particular the level of the LTV which has gone down to around 65 percent. Any real estate investment thus requires a more important equity contribution, which could force certain investors to look for partners. Certain joint ventures that took place over the

outlook for

past year were in no doubt partly motivated by come to maturity soon. We speak about hundreds considerations related to the credit squeeze. of billion Euros within three years. Under these conditions, it is not surprising to see various The banks are also much more rigorous in assessing actors being interested in alternative financing the merits of credit applications: everything is solutions, such aws debentures that some of them, checked, reviewed and scrutinized in every detail. in particular Belgian, launched successfully since This feeling of somewhat nit-picking slowness the crisis, or mezzanine loans. We read recently is still accentuated in club deals which we often that the English Duet Group - and it is probably find when the financing exceeds 50/70 million not the only one - are on the point of raising more Euros. Indeed, in a club deal, each bank separately than 120 million Euros in order to create funds reviews the file and the associated risks. The specialized in mezzanine financing. The idea is to borrower must often arm himself with patience fill the gap between the share of real investments and deploy treasures of persuasion to arrive at his that banks are today ready to finance and that goal. This evolution is however – but in a certain which they used to finance before the crisis, measure only – just a return to normality after that is to say approximately 20 percent. Beside years of great flexibility and sometimes excessive mezzanine lending, we can note that certain nonindulgence. All this makes that a financing today banking actors also have appetite for traditional takes much more time to close than before, which senior loans: the insurer Axa recently raised can prove in certain cases to be a real handicap. several hundreds of million Euros in the context Much more time to prepare a financing granted of the creation of funds intended to act as lenders for a much shorter term, is one of the paradoxes alongside commercial banks in syndicated loans. of the current environment: in fact it is now fairly Finally, the recourse to securitization could also unusual for a loan to be granted for periods longer become more frequent again. In Belgium, the than 5 years. Finance Tower could be refinanced in this way. Other operations of the same type could follow. Last remark on which it is not necessary to spend to much time: banks are certainly lending again, Case to be followed… but it will be necessary to but the margins aren’t what they used to be be innovative, because meanwhile the regulatory anymore ! Borrowing today approximately costs landscape has just substantially been adapted in 100 extra basis points of margin compared to the favor of the SICAFIs. The competition is therefore period before the crisis. The precise level of the likely to be ferocious ! margin today, mainly depends on the quality of the underlying asset whereas before the margins Bruno Duquesne n Partner at CMS DeBacker were fixed in a fairly uniform way. Creative solutions to fill the gap Is this trend durable? We believe it is since the rules of Basle III will do nothing but impose even more constraints on banks. In addition, the needs of the real estate sector as regards refinancing will be very significant during the coming years: many loans, sometimes of considerable importance, will BELGIUM REAL ESTATE SHOWCASE 2011 63

INVESTMENT I Real Estate Development TRENDS I

Converting obsolete offic e One of the consequences of the general desire to return cities to their inhabitants, is to reconvert obsolete or unused office buildings into residential accommodation – in some way reversing the trend of past decades which has seen entire districts submerged by offices. The trend is beginning to make ground in Brussels, and we asked two of the major players to explain the stakes.

irstly, we took the political view, represented by the Brussels Regional Development Agency and its president Denis Grimberghs. We started by asking what the City’s role was.

Denis Grimberghs (SDRB): “It is not in our interest, through our actions in the domain of residential accommodation, to have the effect of causing office rental prices to rise.”

Are you expecting to see this relatively new trend develop further, and do you have some examples? Denis Grimberghs: Well in certain districts of Brussels, there are examples of buildings which were originally residential, and which were then transformed into offices. So there are some opportunities to return these buildings to their original vocation. This is in particular the case with the Louise district – especially the Avenue Louise itself – which saw many of its elegant residential buildings turned into offices. But there are not yet really any examples of very large office buildings which have become unused and have been converted into residential use. Does the City have concrete objectives in this domain? DG: The first objective is qualitative rather than quantitative – it is simply to avoid the existence of disused eyesores. Because the new eyesores of today are largely made up of former office buildings which have become abandoned and which are little more than carcases. So here we have a real opportunity to intervene, and we can at the same time satisfy

two genuine demands which exist in the city and which we cannot easily satisfy: the first is a demand for residential accommodation, because there are districts within the city where we know we have to continue to increase the amount of housing. The second demand – which is somewhat allied to the first – is for social service facilities, such as crèches, old people’s homes, schools, places for handicapped persons. These services find it difficult to install themselves because real estate is expensive for their needs, so we are able to recycle available constructions. In this way we can help to achieve a balance between supply and demand, especially where the supply is otherwise completely lacking. Do you see the conversion of office space into residential as a way of decreasing the historically high office vacancy levels? DG: I would start by saying that some of the types of buildings we are looking at may be completely degraded as offices, and probably do not appear in the official ‘vacancy’ figures in the first place. So our actions in converting them into housing use will not have a great effect on vacancy levels. On top of this, we are also concerned, of course, to ensure that there is space available at reasonable prices for economic activity to come into the city, and so it is not in our interest, through our actions in the domain of residential accommodation, to have the effect of causing office rental prices to rise. And it is not our vocation to intervene in changing the usage of a building which may quite naturally find a taker in the normal course of business. Where we really do have a role is in some of the central districts, where there may have been older office buildings constructed for administrations and similar activities, but where the buildings no longer respond to required norms. How much extra housing Brussels is going to need in the coming years? DG: We are anticipating an increase in population of around 170,000 persons over the next 10 years, but it is difficult to translate population growth into a specific number of apartments. This is because there is also expected to be an increase in the average size of the household, and this would not

64 BELGIUM REAL ESTATE SHOWCASE 2011

c es to housing… be very difficult because in Brussels at the moment, one out of every two apartments is occupied by just one person. So an increase of any given percentage in the population does not lead to an equivalent increase in the number of apartments required. We then turned to the practical side, explained by one of Belgium’s leading architects, Philippe Verdussen of Archi 2000, whose bureau has experience in this type of operation. He explained how he saw the situation and the architectural challenges: Is there a growing demand from owners, from your perspective, for this type of conversion? Philippe Verdussen: There is a trend, that’s for sure. We have recently been approached for certain large projects. One of these is in the area just below the major European institutions, where we are to convert some 15,000 m² into residential accommodation. We can see that as the office market is relatively flat for the moment, owners are looking for other solutions. Owners are finding themselves with buildings that are unoccupied, empty and deteriorating, and which will in any case have to be reconditioned. So it’s a question of investing intelligently, deciding whether to invest in refurbished offices – which may be of little interest in the current market – or in hotels, in housing… The political world is also applying some pressure in this area, given the expected demographic changes. From a more architectural viewpoint, what are the technical challenges allied to this type of operation? PV: The main technical issues concern acoustics and the energetic performance of the buildings. In terms of acoustics, there are substantial requirements in residential accommodation which are less of a priority in offices. And where energy performance is concerned, there are demands from the residential market which do not necessarily exist for offices, and which affect this performance – terraces for example. But on the other side of the coin, in housing there is not a need for the same room height as there is in offices, and there is less technical equipment, and therefore less technical equipment which has to be ‘camouflaged’.

in a city centre administrative building with a depth of 18 metres. So we had to find a solution in which the terraces played a role. There are many buildings in the European district with this type of depth. One of the ways around this is to create apartments which do not occupy the whole of the depth of the building, which means having apartments with one façade only. But this is not an ideal solution because there is a certain quality to an apartment which traverses the entire building depth and has daylight at each end. The price… There is also a cost consideration to be taken into account, though this appears to be diminishing in its importance. Previously, an obsolete office building may have sold for only 600-800 Euros per square metre if it was to be converted to residential use, against 1,400 to 1,600 Euros for future (renovated) office use. This reflected the lower returns on residential accommodation than on office space, but the gap is narrowing considerably. While there used to be a maximum future value of 2,000-2,500 Euros per square metre of residential space in Brussels, recent transactions have been achieved at much healthier prices, achieving 2,800 to 3,500 Euros, a price to which medium quality office buildings have now dropped. The experts agree that this type of conversion is neither the magic solution to growing office vacancy, nor to future housing needs, but it is a step in the right direction and is a valid concept in its own right. Tim Harrup n

Philippe Verdussen (Archi 2000): “The major challenge lies in the building depth”.

Is there a type of building which is not suitable for this type of conversion – certain volumes for example? PV: Too great a depth is a problem, approaching 20 metres for example. We had this situation recently BELGIUM REAL ESTATE SHOWCASE 2011 65

Investment I Strategies & Preferences I

Diversification and quality a All property investment markets have suffered during the crisis – and Belgium is no exception – but there are signs of recovery. And while some of the unique elements of the Brussels office market in particular mean it is still of considerable interest, it is no longer all about offices alone…

he year 2010 saw a continuing appetite from investors for diversifying their portfolios. In Belgium, this has been seen through investment in all types of property, but especially, over recent months, in the old people’s homes segment. This translates into a total investment figure within this segment of € 121 million over the year, out of a total invested across the whole market of some € 1.64 billion. In other words, this segment represents around 7.5% of all commercial property investment volumes. One of the attractions is that these homes are often on 18 or 27 year leases, with a great deal of the upkeep costs falling to the tenants and not the owner. However, one leading Belgian investor warned that the quality of the tenant (the operator of the home) and especially in terms of a viable business plan, was something to be taken into consideration. Confidence This diversification away from offices also involves other types of commercial property. An analysis of the past five years investment trends carried out by DTZ, shows that while in 2006, offices accounted for 70% of investments, this proportion has been dropping since then, hitting a low of around 50% in 2007 and 2008, before recovering slightly to 57% in 2010. Alongside old people’s homes, two other significant investment classes are also gaining strength. While homes have drawn in a total of € 800 million since 2005, the industrial and retail segments have also been performing well. The retail segment in particular, helped by the strong consumer confidence which has remained in Belgium despite the crisis, attracted around € 330 million (some 20% of the total) of investment in 2010. The industrial sector, which clearly has suffered from the crisis, accounted for around 8% (from around double this proportion in 2008, for example).

to be underway. Total volumes invested on the Brussels office market in 2010 (by far the largest market in Belgium) amounted to almost € 750 million. Although this is still only around half of the average over the past decade, it is still up by almost a third compared to 2009. The importance of reducing risk by investing in quality assets has become even more pertinent over the past year or so. By quality assets is implied, apart from the quality of the building itself (including the increasing desire for ‘green’ certification), the quality of the occupant. Long term leases of up to 27 years, occupied by high quality tenants, are very much prized. In Brussels, this type of tenant often means the European Union. The presence of the European Parliament (even though it migrates to Strasbourg for one week every month), the European Commission, Council of Ministers and most of the other allied services, is a rich source of income for investors in Belgium. It is in fact this segment which has led to Brussels being seen as a traditionally safe city for professional investors. To put this into perspective, the European Institutions occupy 1,340,000 m² of office space in the European district of Brussels alone, with further space recently having been taken in zones which fall outside of this perimeter. This represents more than 10% of Brussels’ total office stock of some 13 million square metres. In 2010, investments in this type of core office asset (on long or shorter term leases) represented two thirds of all office investment, with the remaining third being in assets to which the investor wished to add value. It has also been seen that, as a corollary to the above, while the banks are starting to lend again, and investors to invest, nobody is sufficiently convinced by the emerging recovery to put their money in ‘secondary’ assets. These are becoming difficult to place, and many, the major agencies and others all agree, will never come back onto the office market. It is estimated that only around one third of current vacancy of 11-12% is in grade A office space.

Quality – inside and out Turning to the ‘traditional’ office market, it too has been evolving, in terms of investor preferences, Staying at home during the crisis period. Firstly, it is reflecting Although Brussels is therefore seen as a relatively signs of the economic recovery which appears safe haven for investment, this does not mean that

66 BELGIUM REAL ESTATE SHOWCASE 2011

y are the keys

all of the volumes are being concluded by foreign investors. One of the effects of the worldwide economic crisis is to lead investors to stay in their home markets, putting their money into the market they know best. Un 2010, thus, 60% of all investment in offices was from Belgian players with Germany, the UK and France accounting for a further 25% or so. In retail, the figure is even more one sided – according to research by Cushman & Wakefield, more than three quarters of all investment transactions were carried out by Belgian companies, and almost all of the rest by the neighbouring Netherlands. In the old people’s homes segment too, half of all investment since 2005 has been made by a major Belgian player.

Investor origins

Steadying yields The effect of all these factors on prime yields has been somewhat restricted. Prime yields on the Brussels market are hovering around the 6% mark or just over, and have been steadily making their way to this level (in an almost straight line) since 1993 when they stood at almost 8%. The yield gap, however, between the Belgian risk free rate and Brussels prime office yields, is at one of its highest ever levels, some 268 base points in the fourth quarter of the year. What of the future? If investment volumes have been adversely affected by a disinclination to take any financial risk over recent times, this also points to the fact that there is very little quality office space available. And with the development pipe-line having been severely choked off during the crisis, little such space is set to come onto the market (speculatively) in the immediate future. Yet CBRE believe that there is still a ‘wall of equity’ waiting to be spent, including by at least one sovereign fund which has never been a player on the market before. The Belgian sicafi’s (property certificates) and German funds are also in the market – and none of this is likely to push yields higher…

Investment history by quarter

Investment by segment preferences

Investment in Belgium : key facts

Q4 2009

Q4 2010

Prime yield 6.50% 6,25% Brussels office Prime yield Logistics 7.50%

7,25%

Prime yield Retail

5.25%

5,00%

Total investment

€ 1.58 billion

€ 1.64 billion

Tim Harrup n

BELGIUM REAL ESTATE SHOWCASE 2011 67

INVESTMENT I ENVIRONMENTAL CERTIFICATION I

‘Green to be our DNA’ “Green is no longer hype, but a selection criterion for investments.” The tone is set… In the 2010 version of its ‘Emerging Trends in Real Estate®’ report, PwC reflects the general conviction of players in the sector, who believe that good environmental performance is “impossible to neglect if you want to stay in the race”. In Belgium, things are moving slowly, but the trend is quite clear.

T Michael Taelman, Senior Consultant DTZ, is the author of an interesting study “Relevance of the Sustainable Labels for Commercial Properties”, undertaken within the framework of a Master thesis in Real Estate Management.

Jean-Louis Hubermont, Evaluator BREEAM, Building for the Future (B4F) : “It is important to keep in mind that the real estate sector is looking to be able to call upon a single system which is recognised beyond our borders.”

68 BELGIUM REAL ESTATE SHOWCASE 2011

hese categorical declarations relayed by PwC only seem to be very partially translated into the figures, however, in Belgium as elsewhere: according to the 2010 ‘Barometer on eco-performance reporting for buildings’ published by Novethic (a research centre for Socially Responsible Investment and CSR), and a subsidiary of the French ‘Caisse des Dépôts), we are not yet seeing any financial benefits from the energy performance of green buildings. The environmental quality of buildings is certainly an important factor in their future value, and it forms an integral part of the strategic positioning of companies. But statistics from the real estate market are not yet able to demonstrate this. This is in particular due to the low number of transactions involving green buildings. All that can be observed at this stage are the ‘counter-balancing’ effects. For example, the loss of value of certain assets which have become obsolete from an energy point of view, or which are badly served by public transport.

context, and is more credible with its 20 years of existence. On top of this, BREEAM and HQE are working more closely together, which will give the French market a credible certification system with international recognition, which HQE has not really been able to achieve. Faced with the multiplicity of evaluation criteria, some investors do not hesitate to adopt a multi-certification approach.

A European label – when? The Sustainable Building Alliance, created in 2008, sets out to bring together the various buildings research centres and evaluation organisms. Its objective is to develop common methods. The Open House project from the EU is also looking to develop a common evaluation method at European level. But despite these approaches, there will probably not be a single European label in the short term. But if the road risks being long, which one should we choose while waiting? Which certification is going to come out on top? The survey recently carBe green and prove it ried out by Michael Taelman, Senior Consultant The environmental quality of a building is not lim- DTZ, within the context of his Master’s thesis in ited to its energy performance: it also involves the Real Estate Management at Northumbria University sustainable nature of its overall conception. “The (UK), sheds some light on this. energy performance, for example, only represents less than 15% of the overall evaluation of a building Comparison according to the BREEAM method”, explains Jean- In his study, Michael Taelman compared the Valideo, HQE, BREEAM and LEED labels. He noted Louis Hubermont (Building for the Future). It is therefore a collection of many and complex that in the following criteria, the four labels are very factors which have to be analysed objectively and close: compared in order to evaluate a real estate project. • Water and energy consumption This role is assigned to labels. “Environmental cer- • Waste management tification is a tool for helping in the conception • Impact of the building on the environment and selection of a project, a multi-criteria approach • Site management and maintenance – described as holistic – of the performance of a building at various levels, throughout its whole Where differences are concerned, he points out: life-cycle, enabling the best cost/benefit, or value • that LEED is the only one not to take into account for money, choices to be made”, adds Jean-Louis the quality and origin of materials, nor their potential risks. It is also the only one not to consider Hubermont. In Belgium, the best known methods are BREEAM health and well-being criteria and not to sched(UK), LEED (USA), VALIDEO (B), HQE (F) and to ule regular audits designed to confirm or modify a lesser degree DGNB (D). BREEAM is tending to the certification. It is by contrast the only label to impose itself on the Belgian market, because it offers include a geographic positioning dimension in its a system able to adapt to the national and regional evaluation.

photo CODIC

The Atlantis building (CODIC – Architects Cerau and DWS) was the first building to be certified BREAAM in Belgium and also the first in Europe to receive the new certification ‘BREEAM Europe for Offices 2008’

• HQE is the only one not to include an innovation criterion. • VALIDEO is the only one not to include a safety criterion. And finally, the author of the study notes that these labels do not take into account the economic performance of the buildings. This is incorrect. In the BREEAM Europe Commercial 2009 approach (the most recent version, published in November 2009), there is an evaluation of the economic performance of buildings, particularly at the level of a comparative life-cycle analysis (LCC – life-cycle cost) for the building’s structure, its façades, its technical equipment and finishing levels (see credit Man 12). This economic analysis is requested for a duration of 30 and 60 years. A comparative economic analysis is also requested when renewable energy sources are deployed. One of the conclusions of the author is that the ‘power’ of a sustainable label in the end lies in its international recognition. Michael Taelman also recommends that the energy element which each of these labels includes should integrate the European Directive on energy performance, as is already the case with BREEAM. Added value and on-cost Remaining with the research of Michael Taelman, certified buildings are shown to have a higher capital and rental value. This bonus was calculated for the LEED and it represents between 6 and 12% for rental and between 16 and 31% for capital value. The certification also improves the ‘liquidity’ of the asset. These figures cannot be extrapolated to the

other labels, however, except with extreme prudence. There currently exists no method for putting a financial value on ‘sustainability’, but this may change in the future. The way in which European legislation evolves will also have an impact on how much more (or less) difficult it will be for noncertified buildings to find takers compared to those bearing certificates. Where energy savings are concerned, at current prices the economic advantage of a certified building over a traditional one is marginal. This may, however, rapidly change when the next, predictable, increase in oil prices occurs. The current benefits are therefore to be found more at the level of image, of market value and of personnel loyalty. Finally, where the extra cost of a sustainable building is concerned, it can be zero if a slightly inferior comfort level in summer is accepted, equal to around 10% if compared to the comfort levels of a traditional building. Whatever the case, and despite the effect of the objective advantages and on-costs, current trends show that the vast majority of lessees are demanding certified buildings, and that a ‘virtuous circle’ is therefore taking shape: currently, the majority of developers and investors only have sustainable buildings in their portfolios. Importance of the operating mode Using a famous example, the Berlaymont, Michael Taelman demonstrates the importance of regular building audits, which take into account the way in which it is operated. In fact, this recently totally renovated 240,000 m² building, high performing from an environmental point of view, is occupied

Label harmonisation The Sustainable Building Alliance has set out the markers for unification of the voluntary labelling systems, and has in particular recently defined six common indicators: • Energy consumption (kWh/m²/year) • Greenhouse gas emissions (equivalent kg of CO2/m²/year) • Water consumption (m³/year) • Waste generated (tonnes/year) • The quality of interior air (content of volatile organic components and formaldehydes) • Thermal comfort (% of hours at a given temperature)

BELGIUM REAL ESTATE SHOWCASE 2011 69

INVESTMENT I ENVIRONMENTAL CERTIFICATION I

by 2,700 persons. Based on the average surface area per person in offices in the Brussels Region (20 m² per person), it can be seen that the building could accommodate almost four times more people! The conclusion is that an excellent level of technical performance may be totally nullified by a costly usage of the building, and thus lead to a relatively poor overall evaluation in terms of the environmental certification. Mission impossible? In view of the specifications of the various certification systems, it is pertinent to ask whether the obtaining of certification is not in fact a journey strewn with obstacles. “It is fairly easy to obtain certification”, replies Michael Taelman. “By contrast, it is much more difficult to obtain a high rating in the chosen certification system”. This observation is confirmed by Jean-Louis Hubermont. He advised Codic in their approach to certification for the Atlantis project, which received the mention ‘very good’. He speaks of a “titanic piece of work lasting eight months”. He does add, however: “Whether you want them or not, certificates are

Eolis building, located in the centre of Brussels, near the canal, has been entirely restructured into a next generation building. After renovation it has been HQE certified. Eolis is now highly equipped in terms of thermal and acoustic isolation, energy and water savings, waste management and flexible working environment.

References

• “Relevance of the Sustainable Labels for Commercial Properties” Thesis for a Master in Real Estate Management by Michael Taelman, Director Business Development Belgium at CB Richard Ellis. Northumbria University (UK), 2009. • “Emerging Trends in Real Estate® Europe 2010” Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC). 70 BELGIUM REAL ESTATE SHOWCASE 2011

Available on profacility.be/references

dragging the market upwards, if only because they respond to a real need, but the law-makers will doubtless only react slowly. And yet in England it is the public sector which is seting the example”. So there seems to be general interest in certification. But will it be accessible to everybody? Guy Degryse, deputy director of Codic, recently replied to this question in a round table organised by La Libre Belgique: “Not all players will be able to undertake this type of approach (it is relatively onerous and requires substantial know-how). The difference will lie in the capacity of a developer or a project owner to render sustainability desirable. If real estate sustainability contents itself with managing technical parameters, it will be somewhat sterile and is hardly likely to engender aspiration within potential occupants. So it has to be imbibed with a desirable dimension, in order to make potential occupants want the building, understand the approach and accept the behaviour respectful of the environment that this brings with it”. Patrick BARTHOLOMé n

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INVESTMENT I Environmental Legislation I

From Brownfields ... As a result of currently well-known regulations, regarding the prevention and reparation of damage to land, rehabilitation of polluted sites is an activity in which all of those designated as pollution managers are held accountable. There will be no question of applying the “Ostrich Principle”, as was the case in the relatively recent past.

Luc Depré, attorney at CMS DeBacker, specialising in environmental law and energy.

72 BELGIUM REAL ESTATE SHOWCASE 2011

ehabilitative obligations will no longer slip through the cracks, as measures have been have tightened. The transfer of actual rights over land, even that presumed to be contaminated, the application for an environmental permit or the cessation of a risky activity are all events requiring management or remediation of polluted land, on pain of being unable to make the transfer. Many people still do not realise, but it is incumbent upon any operator who controls or has controlled a hazardous activity or who has custody of polluted land, to notify the authorities of the existence of a problem with ground pollution. Refusal or deliberate omission to make such a declaration to the competent authorities is an offence punishable by criminal law. All relevant environmental managers are therefore obligated to provide full disclosure and transparency concerning the state of their business land. Furthermore, measures may be ordered ex officio by the authorities in the event of a serious threat to human health and the environment, with the designated responsible party reimbursing the clean-up costs incurred. In short, the time for passive behaviour is over. To accomplish this, it is necessary to anticipate and organise all phases of a successful rehabilitation.

The establishment of liability will allocate the financial burden to the sole responsible party or to the multiple liable parties or to the company in the event of ‘orphan pollution’ or exemption from responsibility. Oftentimes, land that was heavily polluted in the past contains pollution or ‘orphan pollution’ for which the current owner is not held responsible due to the will of the legislator. The cost of de-pollution therefore falls on public budgets. Public authorities have often granted subsidies or, in other words, state aid. Every beneficiary will ensure that the aid plan or individual aid complies with the April 2008 European Commission guidelines regarding state aid for environmental protection. Indeed, the granting of illegal aid is sanctioned by the obligation of repayment by the beneficiary of said aid. Once obtained on a regular basis, subsidies are highly valued for their positive impact on the profitability of the rehabilitation process. The granting of subsidies may also be, as provided by certain regulations, an opportunity to enter into a public-private partnership which will always be based upon the ‘polluter pays’ principle. Several Member States have therefore developed strategies approved by the European Commission and methods that have proven effective with all The first stage consists of more accurately the necessary transparency. identifying and quantifying the possible pollution of the site, particularly by a historical study Therefore, the Brussels-Capital Region has and soil sample testing. The more detailed the successfully launched its “Green Fields” program definition of historical and chemical parameters, for polluted plots along the canal. the closer the assessment of the cost of the cleanup will be close to actual costs, and the earlier The determination of historical parameters, future appropriations can be decided in the assigning the responsible party, allocating the redevelopment process. financial responsibility, the granting of subsidies are all elements that will then guide future choices The ‘polluter pays’ principle of polluted brownfield developers, including A second essential step, based upon the application establishing the point of exit: either just after of the ‘polluter pays’ principle, will help identify the ground cleanup, or after soil remediation and the true culprit of the pollution or note the obtaining construction or operation rights, or absence of a responsible party so that pollution is after the industrial or real estate development. In considered to be an ‘orphan’ or even to exempt the event of failing to exit, the redeveloped land the responsible party from financial burden for will be retained. reasons specified in the legislation.

to Green

A major challenge for those who undertake rehabilitation is to find a development commensurate with the financial clean-up efforts.

Relativity of de-pollution costs Finally, a major challenge for those who undertake rehabilitation is to find a development commensurate with the financial clean-up efforts. Contrary to popular belief, the de-pollution costs, even when high, may ultimately prove to be â&#x20AC;&#x153;relativeâ&#x20AC;? compared with the development of the site. It is all a question of appropriately allocating the cleaned plots. Some specific administrative boundaries promote this approach as being pragmatic and realistic. This balance is thereby optimised if the party obliged to de-pollute is able to obtain developmental diversity. It would be useful

to organise a meeting place for manufacturers seeking newly cleared areas, property developers and those obliged to de-pollute. In BrusselsCapital, the movement has thus been initiated by creating an exchange for contaminated land. Luc DEPRĂŠ n Partner at CMS DeBacker

BELGIUM REAL ESTATE SHOWCASE 2011 73

PFY

INVESTMENT I FINANCING I

Freeing up cash ! The logistics market suffered a major crisis in 2010. Companies had no other choice than to reduce their costs. There is a solution: externalising their real estate holdings. Sale & lease back enables companies for which real estate is not part of their core business, to get through the crisis.

Christophe Nihon Managing Partner ImmoQuest

he practice of sale & lease back is common in the United States but less so in Europe, where most companies are still owners of their own bricks and mortar. But mentalities are evolving on the old continent. This trend was already becoming apparent before the crisis. Large groups such as DHL were changing their strategies, preferring to rent their infrastructure rather than own it as they had always done previously. Sale & lease back nevertheless remains under-exploited in Wallonia compared to Flanders and the neighbouring countries. Companies readily lease their vehicles and handling equipment, but do not spontaneously think of doing the same for their real estate. The tradition of property holdings remains dear to the hearts of family companies. In Belgium, these represent 70% of the business world and 55% of GDP. In short, they represent the central pillar of our economy. According to our analysis, this proportion is exactly the same in the Wallonia logistics sector: more than two out of three companies are in the hands of families. Family owners who would be able to take advantage of sale & lease back to free up financial resources. It will be recalled that sale & lease back is a contractual formula through which a company (generally a financial institution) acquires, at the request of a client, ownership of a piece of commercial property, with a view to renting it back to the owner for a rental fee. This model therefore differs from a traditional rental transaction, which can be terminated subject to a notice period.

a disadvantage, because the seller loses the legal ownership of the asset and with it part of his room for manoeuvre. Another hiccup: the operation has a fiscal cost: the profits made are taxable (except if the revenues generated are reinvested) and may engender a revision in VAT. A revision which it is possible to avoid by creating an internal real estate company within the group whose capital would only be open in a minor proportion to a third party investor. Transactions in 2010 The major movements on the Wallonia logistics market in 2010 were sale & lease back transactions. The main transaction involved ING Real Estate which acquired the buildings of TDG Mond for twenty one million Euros. TDG Mond is located on a 120,000 mÂ˛ site (75,000 mÂ˛ built area) at Welkenraedt, and is specialised in the transport of hazardous goods. Immoquest also sold the buildings of the Weerts group (Bierset) to ING Real Estate and Montea, and those of the Liegistics 34 site (Milmort) to AG Real Estate. These transactions, becoming more and more common, show renewed interest in sale & lease back. From the investorsâ&#x20AC;&#x2122; point of view, the advantages are equally numerous: the legal and financial conditions are favourable, yields are higher than those in the office market (7%) and the leases are long term. In conclusion, despite the crisis, there is money available on the market, ready to be invested. Increased interest in sale & lease back from private investors is being observed. The formula enables the company to free up cash in the short term and become owner again in the long term. In the Netherlands, the UK and Germany, where the family tradition has evolved, this has been well understood. Wallonia, by contrast, has a good deal of catching up to do.

Source of cash The sale of real estate assets offers a number of advantages. Firstly, the company can obtain cash without having to turn to the traditional capital markets, cash which can be used to finance a project or pay off debts. On top of this, the rental enables better operating results to be shown (less debts on the liabilities side), which is particularly advantageous for quoted companies. And finally, the company becomes more flexible (it is easier to terminate a lease than sell a building); it can therefore adapt more easily to restructuring operations, restructuring, mergers or acquisitions. This last advantage can nevertheless turn out to be 74 BELGIUM REAL ESTATE SHOWCASE 2011

Christophe Nihon Managing Partner ImmoQuest n

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PROPERTY MANAGEMENT I Occupancy costs I

OCI : first significant decr e Since 2005, AOS Belgium has been publishing its ‘Occupancy Cost Index’ for Belgium each year. This is a figure determined by calculation, based on the occupancy costs of office buildings occupied by clients of this consultant specialising in professional real estate. For the first time in five years, the 2009 OCI (published in mid-2010) has dropped significantly: it amounts to € 11,764, or 4.05% lower than the previous year.

he occupancy costs for its building represents the third largest cost centre for a company operating in the office sector, after salaries and taxes. It is therefore very clear to see the role that can be played by the Facilities Manager who keeps a close eye on his company’s margins. In order to objectively calculate the occupancy costs, AOS works out its OCI every year, an index which has become a reference. This index compiles almost 300 types of different expenditures in order to determine a final sum in Euros, representing the annual cost of a work-station. “This figure is available for most Western European countries”, explains Lionel Andries, former Marketing Manager of AOS Belgium SA. “It is from the basis of almost 7 million square metres and the data gathered from our client portfolio (over 150) that we have been able to establish this OCI for Belgium. It enables all decision-makers to compare the real costs of occupancy within a given country or region. It is not possible to meaningfully compare the price per square metre between – say, Marseille and London – because the local costs of all other services and expenses have to be taken into account. But the OCI’s can be compared between themselves. This provides a parameter which may aid companies to take a decision with regard to geographical location, or to position their own cost levels compared to the Belgian average and thus take any corrective measures which may be necessary”. One of the first conclusions is that Brussels remains 4 to 5% less expensive than other nearby capitals. The OCI also enables a valid comparison between the Regions: it includes, for example, the fact that taxes are lower in Flanders, but the price per square metre is lower in Wallonia. The components of the OCI For the first time in five years, the 2009 OCI (published in mid-2010) has dropped significantly: it amounts to € 11,764, or 4.05% lower than last year. Following three years of increases, it has thus returned to the 2005 level. To explain this decrease, the factors which come into the calculation have to be identified, which are liable to have had a significant impact on the final cost level. “The cost of the building repre76 BELGIUM REAL ESTATE SHOWCASE 2011

sents 41% of this total of € 11,764”, explains Lionel Andries. “Then come computers at 35%, services at 19%, facilities management at 4%, and all the rest comes in the remaining proportion. If each of these cost centres is analysed, starting with the building, the rent has to be identified (if the occupant is a tenant) or the amortisements (if he is an owner); these represent the principal cost centre. The greatest proof the impact of this is that the OCI is lower in the periphery of Brussels than the centre, because rents are lower there. Then come taxes and finally fossil fuel and water consumption, taken together. Even though it is in third position, this cost centre can represent a significant sum. If we now turn to the computer cost centre, we should point out that we have taken into account basic voice and data software, with standard equipment, as used in traditional work-stations. We have chosen to include this cost centre in the calculation, because it is present in all companies within the office sector in general. We do not include the software and computer expenditure which is connected to the core business of certain specific sectors, such as those requiring specific servers or call centres, for example. The third most important cost centre (19%) takes in everything connected to services in the domains of security, catering, cleaning…” Reasons for the decrease In 2009, 2 cost centres out of the 300 taken into account, the building and ICT (as previously stated, 41% and 35% of the OCI respectively), dropped significantly – 7.48% for the building and 2.68% for ICT. Lionel Andries explains this as follows: “We have noted a decrease in average rents. In a very competitive real estate market, some companies have been able to negotiate lower rents. In Brussels, the level of vacancy is also contributing to this change, but this vacancy of 10 to 12% which is on everybody’s lips has to be seen in context: part of it involves obsolete buildings which cannot be put back on the market without being totally renovated. And under current conditions investors are not ready to do this”. In concrete terms, companies have been able to reduce their rental levels simply by decreasing the amount of space they occupy, or the number of

r ease for 5 years work-stations per employee, thanks to the nomad concept (flex-desk, dynamic workplace or remote working). In the worst cases, it is quite simply the number of employees which has decreased. And finally, the low annual rental indexation has slowed the rate of rental increases. Where computers are concerned, the decrease is explained by a drop in the price of computer equipment, and above all by postponing investment. “A simple example”, explains Lionel Andries, “is a company which has decided to keep its XP software for the time being and wait before installing Windows 7”. But there are increases too… The OCI reveals that the costs of services and of the Facilities Management departments have risen by 2.21% (increases of 0.58% and 1.63% respectively), mainly as a result of increases in social costs. This is explained by an increase in salaries, but only partially. In certain cases, it is the quality of FM services which has increased. “Within the context of retaining or attracting personnel”, confirms Lionel Andries, “some companies have not hesitated to install a crèche, to offer dry cleaning

services or higher quality catering”. But on the other hand, others don’t hesitate to reduce this quality: take the case of a company which decided to remove hot water from the basins in its toilets. The energy saving may be slight, but the savings on hot water production equipment is not to be underestimated. And the decrease in comfort levels is relatively insignificant. Trends in 2010 “There are still opportunities for optimising costs during this period of crisis”, Jan Lecompte, Managing Director of AOS, assures us. “The consultant will no doubt have a role to play in this optimisation, particularly through his ‘stay or leave’ service offering. We give our clients the means to make this decision objectively. It is sometimes clearly cheaper to move, despite the costs of the removal and the potential loss of productivity which this entails. With this knowledge behind you, it is possible to be tougher in renegotiating rents…” So is the decrease in 2009 just the beginning? “In our current dossiers”, replies Lionel Andries, “I can see that there remain enormous pressures on costs…” Patrick Bartholomé n

First National Remote Working Day

Following Switzerland last May, the first National Remote Working Day took place in Belgium on October 28th. This initiative, by Microsoft, Getronics, PwC and AOS, aims to make Belgian companies and personnel aware of the advantages of remote working. Just before the event, more than 2,200 Belgian employees subscribed in advance to signal their intention to work remotely. More information about remote working can befound on the website of the BTA, Belgian Teleworking Association : www.bta.be and www.nationalethuiswerkdag.be or www.journeenationaleduteletravail.be.

€12.500

€12.285

€12.261

€12.041 €12.000

€11.764

€11.696 €11.500

€11.000

€10.500

€10.000 2005

2006

2007

2008

2009

According to first indications, the 2010 OCI may still drop a little or at least stabilise the trend. BELGIUM REAL ESTATE SHOWCASE 2011 77

Property Managment I Dynamic officeS I

Interior of the Royal Atrium, the new STIB/MIVB Headquarters in Brussels. For the workplace and interior design of these news offices, GLOBAL, a subsidiary of ASSAR Architects, applied the ‘Dynamic and flexible working environment philosophy creating only 615 workstations for 750 workers. This major rehabilitation of an office building won the MIPIM Award 2010 in the category ‘Refurbished Office Buildings’.

78 BELGIUM REAL ESTATE SHOWCASE 2011

The impact of workplace design on vacancy The most unforeseeable consequences of the explosion in mobile technologies and of high output internet are without doubt those involving space layout and even office space take-up.

he concept of ‘dynamic office’ which is becoming more commonplace cannot be separated from the most recent information and communications technologies. In fact it is these which make this way of working possible. The ‘open plan office’ had already paved the way by removing partitions and encouraging working together. The concept of dynamic office goes further: it offers a way of working which makes it possible to alternate between working alone, in teams (themselves of varying sizes), at home, on business trips, on several sites (subsidiaries or rented satellite offices), at home and virtually, through tele-presence. Within this framework, not only do the partitions disappear, but also private offices and even… documents. Scanned upon arrival, the post arrives at its intended recipients in electronic form. The same goes for archives. With no ‘personal’ papers, no cupboards, the employee has all the information he requires on the screen. The ‘clean desk policy’ demands that his work station is emptied and anonymous at the end of every day, because it may be used by someone else the following day, adapted to satisfy the requirements of the moment, either for another work group, or as a place suited to concentration or numerous telephone calls. Wherever he installs himself, the employee’s direct telephone number, his e-mail and his archives will follow him, even if he changes building or city! The classic disadvantages of open space are reduced as far as possible. But on the other side of the coin, the ‘private corner’ which some people require to operate, disappears too. The impact of this way of life and of working has not yet been measured for all personality types. But for those who can adapt, the office becomes a place to meet and to share knowledge, and not simply a place to work in. It therefore has to respond to specific demands where interior design and equipment are concerned and provide an ideal space for each type of activity…

More vacancy as a consequence? This concept results in the number of available workstations decreasing, to the point of being fewer than the number of employees. Exceptional planning and a reservation system become a must. According to the latest OCI (Occupancy Cost Index) from AOS, a workstation in Belgium costs € 11,764 per year, so it is easy to imagine the level of cost savings which can be achieved compared to a classic situation where ‘one worker = one office’. And especially as some estimates reveal that in the classic format, the number of workstations occupied simultaneously does not exceed 60%, due to employees being absent at meetings, on trips, on, holiday or sick. By reducing the number of workstations, without changing the number of personnel, companies can rationalise their space needs. As it becomes more commonplace, this practice risks decreasing take-up and increasing vacancy. But it is doubtless too early to effectively measure this impact, as other more substantial factors also currently play a role, in particular the economic crisis, which is masking the potential effect of the adoption of dynamic office on the market. Some notable examples The new STIB (Brussels public transport company) headquarters Royal Atrium won a 2010 Mipim Award. Located in the centre of Brussels, the building has undergone major renovation works conceived and carried out by Assar Architects. And the removal of the STIB to this building also provided the occasion to radically transform the workspace by opting for dynamic office. In concrete terms, this translates into three types of workstation (benches, lounges and cocoons), shared and occupied according to need but also involving setting up a ‘clean desk’ policy. The operating procedures of the facilities services have also been adapted to this new environment and function according to the ‘paper-poor’ policy, BELGIUM REAL ESTATE SHOWCASE 2011 79

Property Managment I Dynamic officeS I

Outside of meal times, the cafeteria is transformed into a multi-functional meeting room. Electronic archiving enables the personnel to gain rapid access to information and reduces the need for physical archive space. The project has not only improved the daily life of the staff, but through its well thought out concept, it has also engendered significant savings in operating costs. Another advantage is the separation between clients and visitors. The meeting rooms are concentrated around the atrium, so that visitors no longer have to go to the interior of the building and risk distracting the workers. Relaxation areas have been provided: a fitness room, showers, a changing room for cyclists, which encourages employees to come to work by bike.

Enlargement at Telenet In Mechelen, Telenet took the opportunity of the enlargement of its site (16,000 m² above and below ground, with parking for 1,100 cars), to try its hand at a new approach to the workplace. Starting with a blank sheet of paper, personnel, unions, directors and specialists together established the plans for a new workplace, which was to serve as a framework for the structure. The exterior thus gradually took shape, as the interior became more defined. The architectural bureau of Poponcini & Lootens managed to evolve the concept which had germinated internally, into a functional and operational complex. Nobody has a determined workstation any more, and the ‘clean office’ concept is therefore applied everywhere. Employees install themselves in the most suitable place: an individual ‘bubble’, a round table for group working or perhaps the welcoming coffee corner. This mobility is facilitated by wireless internet connection. Although originally designed for small meetings, the ‘talkpoints’ can also be used as workstations. The ‘benches’ or round tables offer all the space required for group working.

New work at Concentra In the Antwerp region, the new building occupied by Concentra (particularly known as being the publishers of the ‘Gazet van Antwerpen’ newspaper) and which dates from the 70’s, has been totally demolished and reconstructed. The working method has undergone the same treatment: employees’ job descriptions have been replaced by skills descriptions. Directly linked to this, a ‘flex-plek’ system has been introduced (‘werkplek’ means workstation in Dutch), which implies flexibility amongst personnel. The layout of the building has reduced costs through the most efficient possible use of the available space, taking into account the 70 to 80% occupancy levels. The building now enables projects and new services to be organised without any radical modifications in facilities management terms. Each division bears its own responsibility for operating costs. As a result, each has to think about the use of space and increasing the yield per division. The physical archives (cupboards) in the workplace have been reduced by half Patrick Bartholomé n

doc Telenet

encouraged by the installation of electronic document management. The process of laying out the interior space followed methodology provided by the Siemens consultants. The first phase, the macro-installation, consisted of estimating the general needs of the services in terms of space and the number of people. In a second phase, a more detailed estimation was established through interviews with the members of the various teams and departments. This functional analysis, which took account of individual needs and levels of presence, enabled the total number and the layout of the workstations to be defined. The third and last phase, that of the micro-installation, involved finalising the furniture layout plans and locations for the various elements within the zones defined during the macro-installation.

At Telenet, the building concept came from the people who work in it.

80 BELGIUM REAL ESTATE SHOWCASE 2011

Workplace I Architecture and FM join forces I

PROPERTY MANAGEMENT I TOTAL LIFE CYCLE COST I

Architecture and FM join forces All too often, the user is still not involved in the creation of buildings. Right from the design phase, it is important to take into account the long-term use to which a building is to be put, and this should preferably be guided by the end user. Moreover, the cost of using an office building over its entire life cycle is many times higher than the construction cost.

acility Managers want a flexible, longlasting building that is easy to maintain. The balance sought between these three criteria can only be achieved if this is taken into account in the planning phase. Facility management is confronted with rapidly changing needs in terms of the work situation. This results in rapidly changing expectations of buildings and more stringent demands for new buildings, or in buildings that quickly become outmoded, prompting an inevitable move, with all the costs that this incurs. Close cooperation between facility management and architecture is therefore more than desirable. This was the idea behind an evening of historical importance. On 23 November, Luc Deleuze, president of the FAB (Federation of Architects) and Yves Van Hooland, president of the IFMA Belgian Chapter, signed a charter in which both associations undertake to take account in the design phase of a building of all the facts impacting on the cost of use and environmental pollution. Practical creativity Steven Beckers of the internationally renowned Art & Build firm of architects gallantly admitted that all too often, the user is still not involved in the creation of buildings. This is partly due to the architecture competitions that are often organised for larger projects. Steven Beckers argued in favour of choosing materials on the basis of the cradle2-cradle principle, but he also pointed out that materials lifecycle analysis is still a very new element. FAB president Luc Deleuze stressed that the decisions taken in the design phase of a building have a long-term impact on facility management and the TCO of the building. Consequently both components should be calculated over a period 15 to 20 years. Binding Charter The FAB and the IFMA confirm the logical connection between the use of the building and the creative process involved in its design. This conviction was laid down in a charter signed by both associations.

• The charter calls for close cooperation in a spirit of open-mindedness between the FAB and the IFMA: • Cooperation to promote exchanges between members of both associations. • The organisation of regular joint events, at which the expectations of both groups of professionals can be debated with a view to achieving solutions acceptable to all. • Cooperation on setting up training programmes with the aim of providing both groups with an insight into the professional activities of the other. • Joint efforts to promote environmentally friendly, lasting solutions in line with the cradle-2-cradle philosophy, without neglecting the need for human wellbeing in the buildings. • Taking all initiatives that seem desirable to strengthen relations between Facility Managers and architects. Eduard Coddé n

FAB president Luc Deleuze and IFMA president Yves Van Hooland signed a historically important charter.

Cradle 2 Cradle In 2002 Michael Braungart, a German scientist specialising in chemistry, together with American architect William Andrews, published a visionary book entitled ‘Cradle to Cradle: Remaking the Way We Make Things’. Cradle to Cradle sees waste as a raw material, food for the future of our planet, which we as its inhabitants may borrow, but not own. This gives us the responsibility to leave behind for future generations an earth that has not been stripped bare of raw materials and that can offer those who follow us at least the same resources as were available to us.

BELGIUM REAL ESTATE SHOWCASE 2011 81

82 BELGIUM REAL ESTATE SHOWCASE 2011

REAL ESTATE NETWORK

inding the right partner, adviser or supplier can be highly valuable to your performance in your investment, real estate development projects, assets and properties management. In this section you will find profiles of those companies who can assist you in these areas.

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REAL ESTATE NETWORK INDEX

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114

WORKPLACE FIT-OUT & EQUIPMENT

BELGIAN BUILDINGS AGENCY

POTIEZ DEMAN / MASTER KEY

BELTICO

BUILDING FOR THE FUTURE

KBC REAL ESTATE

GLOBAL

IFMA

101

ING

112 REAL ESTATE DEVELOPMENT

102 SOPHIA Group 103

KPMG

104

Philippe De Bloos Architecture

105

107 SDRB - GOMB – BRDA 109 SODEXO BELGIUM 110

Whilhelm & Co Group

BELGIUM REAL ESTATE SHOWCASE 2011 83

ALTIPLAN°architects s.c.r.l. Chaussée de La Hulpe 177 1170 Brussels - Belgium Tel 0032 (0)2 672 67 00 Fax 0032 (0)2 672 20 52 info@altiplan.eu www.altiplan.eu

CONTACT PERSON de Borman Jean President TEL 0032 (0)2 672 67 00 j.deborman@altiplan.eu

MANAGEMENT

van Hecke Charles-Albert - CEO de Borman Jean - President de Roos Philippe - Director Jamin Jean-Paul - Director

Kisielewicz Marek - Director Billiet Michel - Partner Delvallée Philippe - Partner Piraux Thibaut - Partner Timmermans Serge - Partner

BELGIAN SUBSIDIARIES ALTIPLAN°architects Rue Simonon 8 - 4000 Liège Tel 0032 (0)4 229 70 00

Number of employees in the company: 45 Year of foundation of the company: 1990 Turnover 2007 : 6 310 000 € 2008 : 6 378 000 € 2009 : 7 338 600 €

84 BELGIUM REAL ESTATE SHOWCASE 2011

Introduction THE ALTIPLAN°TEAM With its nine partners, just under 50 members of staff, and offices in Brussels and Liege, ALTIPLAN°architects is ranked as Belgium’s fourthbiggest architectural practice in the 2011 Trends Top 30.000 business survey. The key to our success is our experience in a wide variety of projects in which high-quality design combines with technicality to produce sustainable architecture.

ALTIPLAN° is a member of the “European Architects Network” with a presence in a dozen European cities. Our network’s strength is its ability to offer our clients specialist expertise in all areas of architectural production.

Services • architecture • programming • project management • urban planning • interior architecture

Clients References

Main recent and on-going projects: • GDF Suez, interior design and fit-out project, Brussels (75.000 m²) • Astro Tower, refurbishment project (+/- 35.000 m²) • Aspria “Solvay” sport & wellness centre, Brussels (14.140 m²) • STIB, “Marconi”, tram store, Brussels (store: 11.750 m², offices: 1.900 m² & maintenance: Knowledge in these sectors is leading naturally to promote mixed-use developments. More specifically 8.150 m²) • CPAS de Bruxelles, renovation and extension of when considering what to do with empty office “Les Ursulines” rest home, Brussels spaces: re-use or conversion? • Several Social Housing projects (“Bruyn Nord” 200 units, “Konkel” 100 units, “Lennik” 200 Converting existing offices into a retirement and nursing home (like the former offices and TV studios units,...) • Thon Hotel EU, Brussels, conversion of existing of RTL), a hotel (the 4-star, 405-room Thon Hotel offices into hotel (4*, 405 rooms), retail and EU), a residential complex, or simply renovated, high-efficiency offices, are today among our favourite residential (31 flats) subject fields, testing our know-how and imagination • KBC Milmort Logistic Centre (42.240 m²) and 8 units for start-ups (12.800 m²) to the full. • NRB Offices and Computer Centre at Herstal ALTIPLAN°architects is currently involved with projects in the following sectors: office – residential – retail – hotels – sport and leisure – rest (and nursing) homes – industry and transport – urban planning – interior design and space planning.

COMPANY PROFILE

Space planning and interior fit-out of GDF Suez new headquarters - Brussels GDF Suez appointed ALTIPLAN° to design and develop the interiors of its future head office in Brussels (75,000 m²). The programme includes the development of office levels, providing 3,000 to 3,500 workspaces, the company restaurant and cafeteria, with seating for around 900 diners, a trading room for 200 people, a sports hall and an executive floor with dining rooms.

Crowne Plaza Hotel***** - Liège The project’s focal points are: • restoration of a 15th century heritage-listed grand residence (the Hôtel Sélys-Long- champs) along with construction of a gourmet restaurant and nine prestige suites; • renovation of a grand residence forming part of the city’s architectural and social heritage (the Hôtel des Comtes de Méan) dating back to the 12th century, which will have a club bar in its vaulted cellars as well as a ballroom with stunning 18th century proportions; • construction of a new building to accommodate 117 rooms measuring 28 m² (of which 34 will be exclusively business-serviced) along with other infrastructures such as a panoramic restaurant (open daily around the clock) and a wellness centre (1,000 m²); • construction of gardens and roof terraces.

Thon Hotel EU**** - Brussels The Thon hotel group has taken the bold decision to convert an entire plot of land in the Quartier Léopold district and to offer within it a high level of mixity, but without offices. The project revolves around three functions: a 405-room hotel, 31 apartments and a shopping arcade, running from one end of the site to the other. The result will be a totally new image contributing to the regeneration of Rue de la Loi.

Aspria « Solvay » Sport & Wellness Centre - Brussels The sport centre acquired from Solvay by Aspria will be redeveloped into an exclusive sport and leisure centre with in-hand outdoor sports activities, swimming pools, wellness, restaurant and a small hotel. The concept design developed by TPBennett takes fully into account the landscaping of the existing 4 ha park.

COMPANY PROFILE

ANIXTON Leuvensesteenweg, 369 - BE-1932 Zaventem TEL 0032 (0)2 721 99 19 FAX 0032 (0)2 721 99 20 info@anixton.com www.anixton.com

Contact Vincent Gérin Managing Director TEL 0032 (0)2 721 99 19 | 0032 (0)486 63 38 92 vincent.gerin@anixton.com

Structure Management Introduction Corporate real estate is now, more than ever, a key challenge for companies. As an independent corporate real estate consultant, Anixton delivers not only solutions, but also customised and pragmatic results, specifically targeting occupiers, owners, investors and developers.

Vincent Gérin Managing Director

Cédric Liénart de Jeude Managing Director Florence Dupont Director Alexander Mertens Director Marc Oldenhove Director Bertrand de Halloy Director

Belgian subsidiaries Anixton - Brussels

Plant/International Anixton - Luxembourg

Company Number of staff : 8 Year of foundation : 2006

86 BELGIUM REAL ESTATE SHOWCASE 2011

We work hand in hand with our clients, so as to perfectly align their real estate strategy with their business objectives. We are committed to creating value, to advising them efficiently and to improving their performances. Always with the following priorities in mind: ethics, quality, customised advice and services. With the aim of providing the best quality and always with the deepest respect and compliance with existing local regulations, Anixton is a member of the largest real estate associations (RICS, UPSI-BVS, IPI-BIV, IFMA and ULI) Our Values • Experience and expertise in corporate real estate • In-depth knowledge of local context • In direct contact with the market and its movements • Striving to get quick and concrete results • Pragmatism, efficiency and realism • Independence, reducing risks of conflicts of interest

Services Services for Occupiers • Real estate strategy (relocation analysis, occupancy costs analysis, decision assistance, etc.) • Tenant Representation (new space search, negotiating existing rental conditions) • Technical, organisational, legal and financial advice • Facility management, project management, space optimisation

• Competitive analysis: location, financial conditions, size, technical aspects... • (re-)Positioning of building or project within its market • Always proactive: identification of targets, personalised direct approach Services for Investors • Disposal and acquisition process • Valuation & Building audits • Identifying and selecting opportunities • Deal structuring, financial & tax optimisation • Due diligence coordination • Coordinating sales instructions Services for Developers • Identification of opportunities • Selection • Residual Value & Cash Flow analysis • Assistance to negotiation

News ”STAY OR MOVE?” A UNIQUE SERVICE FROM ANIXTON. HOW TO REDUCE YOUR REAL ESTATE COSTS BY MORE THAN 15%?

Anixton gives you pro-active advice that starts with a thorough audit of your needs, with no prior commitment needed from you. Next, we submit different scenarios that optimise your real estate costs without reducing your employees’ comfort or productivity.

References - clients

We have already handled almost 500,000 sqm of real estate for companies such as Abbott Labs, Amadeus Benelux, Atenor, Banimmo, Bird & Bird, Bouygues Immobilier, BPI, Burco, Codic, Cofinimmo, Corelio, CFE, Dexia, Editions de l’Avenir, Equant, France Telecom, General Electric, Immobel, Intégrale, Ixis, JCX Immo, Léon Eeckman, Lock’O, Lotinvest, Mastercard, Mobistar, Natixis Capital Partners, Pharmadeal, RTBF, Securex, Sotheby’s, Thalys International, UMC/MTS, Wanadoo, Services for Owners • Letting & Sales Instructions Coordination (coordinating Western Union, ZA Insurances… third party real estate agents, follow-up, visits, materials, rules, motivation, etc.)

COMPANY PROFILE

AREMIS NV/SA Avenue Charles Schaller 54 - BE-1160 Brussels TEL 0032 (0)2 775 95 12 FAX 0032 (0)2 775 95 14 info@aremis.com www.aremis.com

Contact Xavier Orts TEL 0032 (0)2 775 95 12 x.orts@aremis.com

Structure Management

Xavier Orts Managing Director

Réginald Thomas Management Services Director

Introduction AREMIS is helping organizations to optimize the sustainable managament of • their buildings • their work environment • their services to occupants

The AREMIS team is by far the most experienced in continental Europe and offers a strong combination of expert profiles: FM & RE process specialists, IT engineers and project managers, web and database experts, application consultants, CAD engineers.

This represents: • the 1st environmental footprint driver • the 2nd cost after salaries • a major driver for productivity and welness at work

We deploy solutions that are supporting and embedded in daily operations to deliver intuitive decision dashboard that support your decisions with reliable data and indicators. These solutions will notably help you to achieve the following goals: • Portfolio inventory and lease administration • Environmental footprint calculation • Strategic space forecasting • Space planning and move management • Employee Portal - Service Desk administration • Maintenance Monitoring and Cabling • Condition Assessment • Resources Reservations (meeting rooms, shared desk, etc.)

AREMIS Group was created in July 2010 in the scope of a management buy-out in Belgium, France, Luxembourg and Switzerland. The experts and solutions deployed by AREMIS currently manage more than 25 million sqm. Thanks to its international network, AREMIS is able to support organizations on local and global scale.

Services

Axel Tasiaux Sales Director

Bart D’heer Major Accounts Director

Luxemburg France Switzerland

Company Number of staff : 71 Year of foundation : 2010

Turnover 2007 : 7 300 000 € 2008 : 7 400 000 € 2009 : 7 700 000 €

Management Services: As a human resources developer and provider, AREMIS selects, develops and insources expert profiles to complement your building, facilities and real estate management resources. Our consultants and experts can notably complement your teams to: • Develop strategic space plans • Lease contract Management • Manage building projects • Implement energy performance improvement programs • Manage sites and buildings • Internal move coordination • Convert, create and maintain accurate drawing libraries • Update and process data to provide key performance indicators and management dashboards Information Systems : AREMIS delivers integrated solutions based on software expertise and best practices to optimize the costs and quality of the work environment and to reduce the environmental footprint of large organizations. These solutions will notably help you to achieve the following goals: • Real estate and occupancy costs optimization • Environmental footprint reduction • Increase in efficiency and credibility of your FM and RE departments • Shorten decision process and enhanced level of services

Consulting Services: The AREMIS consultants have a practical experience in facilities and real estate management to support you in the following domains: • Define information system requirements, deployment plans and budgets • Manage information system deployments • Define or streamline processes and workflows • Define and map performance indicators and dashboards • Diagnose energy performance issues • Optimize printers and copiers policy and costs • Manage on-site building measurement campaigns

References - clients Some companies who trusted us : 3M, Agfa Gevaert, AXA, Banque Pictet, BMW, BNP PARIBAS Fortis, Brussels Airport, Cofely Services, Communauté Française Wallonie-Bruxelles, Corelio, Delhaize, DEXIA, European Patent Office, European Space Agency, FOREM, GlaxoSmithKline Biologicals, IATA, IBM, KBC Bank, KBC Real Estate, Linklaters, Ministère des Finances à Luxembourg, Natixis, Philip Morris International, Police d’Evere, RTBF, RTL, Sanofi-Aventis, SITA, NMBS / SNCB, Sodexo, FOD Sociale Zekerheid / SPF Sécurité sociale Stad Kortrijk, TOTAL, Tractebel, UBS, UCB, UEFA, Université Catholique de Louvain, Université de Luxembourg, Veolia.

BELGIUM REAL ESTATE SHOWCASE 2011 87

www.concerto.be

Atenor gives sense to the city

Giving sense to the city: this is the challenge which ATENOR GROUP is taking on with passion and creativity by offering a differentiated approach to real estate promotion. Quoted on the NYSE Euronext Brussels continuous market, the ATENOR GROUP real estate promotion company is an actor recognised by public authorities and investors. The large-scale projects that it designs are in line with sustainable urban renovation, and contribute to the quality of the economic, social and environmental space in which they are located. This is a quality label which is appreciated first of all in the present, and which will take on its full value with time.

www.atenor.be

ATEN 2913-001 Annonce EN A4.indd 1

12/02/10 10:33

COMPANY PROFILE

ATENOR GROUP NV/SA Avenue Reine Astrid 92 - BE-1310 La Hulpe TEL 0032 (0)2 387 22 99 FAX 0032 (0)2 387 23 16 info@atenor.be - www.atenor.be

Contact Sandrine JACOBS for Happybizz sprl Communication Manager TEL 0032 (0)2 387 22 99 - jacobs@atenor.be

Structure Management

UP-site project, Brussels, Belgium

Stéphan Sonneville s.a. Managing Director

Olivier Ralet (for Olivier Ralet BDM sprl) Executive Officer

Introduction ATENOR GROUP is a real estate development company listed on NYSE Euronext Brussels. Its mission is to provide suitable answers to new requirements created by changes in urban and professional life through its urban planning and architectural approach (mobility, respect for the environment, urban densification, safety…)

William Lerinckx (for Probatimmo bvba) Executive Office

www.concerto.be

Laurent Collier (for Strat Up sprl) Executive Officer

Sidney D. Bens Chief Financial Officer

Sandrine Jacobs (for Happybizz sprl) Communication Manager

Hans Vandendael (for Hans Vandendael bvba) Legal Manager

Plant/International ATENOR Group Romania - ATENOR Group Hungary

Company Number of staff: 35

Turnover 2007: 34.443.000 € - 2008 40.012.000 € 2009: 35.490.000 €

ATENOR GROUP invests in large scale real estate projects which meet very strict requirements in terms location, mixed use, diversification, technical quality, economic efficiency, and sustainable development. Environmental responsibility Respect for the environment and sustainable development The Group proposes real estate projects which fall under a continuous progress of sustainable development: use of environmentally-friendly materials, energy drawn from the natural elements at hand (water, wind, sun)... Social responsibility An increased functional diversity for more userfriendliness A user-friendliness factor, functional diversity makes it possible for city dwellers to experience the city differently. Well integrated into the urban fabric, it engenders a sociological diversity and supports inter-generational contact. From a macro-economic point of view, it also makes it possible to reduce intra-urban travel (mobility/ pollution) and to ensure a dynamics for the city beyond office hours. Urban density as the basis even for the existence of a city For many town planners, increased urban density counts as one of the most relevant solutions for mitigating the problems with which large cities are confronted. A well considered increase in density thus acts in favour of a better quality of life.

Public spaces conducting a private space/public space dialog More than an open air meeting space, public space is a link between private life and public life. An essential and incontrovertible link that contributes to the success of the renovation of a district. Architecture with a meaningful direction For Atenor Group, architectural quality fashions an urban landscape and encourages everyone to respect their city, to live there, to work there and to stay there. Economic responsibility Attentive to its financial stability and future growth, ATENOR GROUP endeavours to create value by the implementation of a clear and largely diffused strategy. The Group intends to offer to shareholders a regular return on capital. Social and cultural responsibilities Sensitive to the promotion of art, architecture and education, the company therefore supports various projects.

References - Properties & Real Estate Development REAL ESTATE PORTFOLIO The projects in the portfolio representing about 350,000 m² are: South City Hotel (Brussels, Belgium - 142 rooms) Media Gardens (Brussels, Belgium), UP-site (Brussels, Belgium) Hermes Business Campus (Bucharest, Romania), Vaci Greens (Budapest, Hungary), Brussels Europa (Brussels, Belgium), Victor (Brussels, Belgium), Port du Bon Dieu (Namur, Belgium), TREBEL (Brussels, Belgium).

BELGIUM REAL ESTATE SHOWCASE 2011 89

10:33

Magritte museum - Brussels

Résidence Palace, Future Council of the European Union Brussels © Architectes & Ingénieurs: Philippe Samijn and Partners, Studio Valle Progettazioni, Buro Happold Limited.

Law Court Montesquieu - Brussels

World Expo Shanghai 2010 - Conix Architects

The Belgian Buildings Agency Gulden Vlieslaan - Avenue de la Toison d’Or 87 box 2 B-1060 Brussels - Belgium Phone: +32(0)2 541 70 66 - Fax: +32(0)2 541 70 70 www.buildingsagency.be

Buildings Agency

COMPANY PROFILE

BELGIAN BUILDINGS AGENCY (Regie der Gebouwen Régie des Bâtiments) Avenue de la Toison d’Or 87 b 2 - BE-1060 Brussels TEL 0032 (0)2 541 65 11 FAX 0032 (0)2 541 65 10 infodesk@buildingsagency.be www.buildingsagency.be

Contact Laurent Vrijdaghs - C.E.O. TEL 0032 (0)2 541 70 76 laurent.vrijdaghs@buildingsagency.be

Structure Management

Introduction The Belgian Buildings Agency The reference for the federal state buildings Founded in 1971 as a semi-independent governmental organization of category A, the Belgian Buildings Agency provides qualitative office accommodation for federal public servants and manages the national architectural heritage. Customer service, flexibility and efficiency are our core values.

Laurent Vrijdaghs C.E.O.

Marie-Caroline Pardon Director-general Clients

Dirk Van Geystelen Director-general Strategy and real estate

Paul De Ceuster Director-general Operational

The Buildings Agency either rents or owns the office space accomodating the federal public servants and services. When renting office blocks, we carefully analyse the needs of our clients. For newly constructed buildings, we pay particular attention to the global architectural quality of the building plans. This quality is assessed, among other things, in terms of functionality, expected operating lifetime, aesthetical quality, urban localization within the existing environment, construction costs, maintenance costs and sustainable energy consumption. The federal heritage under our management includes several buildings of immense architectural and historic interest. Over the years, we have constantly developed our conservation and restoration know-how and skills. Whenever possible, we try to give a modern and relevant function to the historical buildings and sites in question. Every year we restore several buildings and monuments to their former glory. The Buildings Agency is also responsible for the various commitments of the Belgian state to provide office accommodation for international organizations such as the European Schools (European Commission) or the Council of the European Union.

Roger Vermeulen Managing director Staff

Brussels (HQ), Antwerp, Hasselt, Leuven, Ghent, Bruges, Namur, Liège, Arlon, Mons, Nivelles

Company Number of staff : Around 1200 Year of foundation : 1971

At present, the Agency owns and administers over 976 buildings (about 4.9 million m²). Furthermore, it rents 522 buildings (about 2.9 million m²).

These projects owe their realization to a successful collaboration between the Agency and its various partners. The Buildings Agency is the reference partner of the federal government in all matters of real estate, due to its quality service and a specific and unique know-how in the fields of construction, restoration and real estate.

Services • • • •

Civil & Structural Engineering: stability, concrete and steel studies, infrastructure, special construction procedures, VRD, etc. Engineering: Hvac, electricity, electro-mechanics, fire prevention, technical building management, energy management, environmental audits, special systems (IT, telephone, etc), restoration techniques, etc. Facility Management Project Management : public procurement procedures, calls for tender, budget, timescale, space planning, quality control, etc.

References - clients • Federal Ministries • Federal Public Services (Personnel and Organisation, Chancellery of the Prime Minister, Budget and Management Control, Information and Communication Technology, Foreign Affairs, Foreign Trade and Development Cooperation, Home Affairs, Finance, Justice, Mobility and Transport, Employment, Labour and Social Dialogue, Social Security, Health, Food Chain Safety and Environment, Economy, SMEs, Self-Employed and Energy) • Federal Public Planning Services (Social Integration, Fight against Poverty and Social Economy, Sustainable Development, Science Policy) • Fedasil • State Archives • Royal Palaces (Brussels and Laeken) • European school in Belgium (European Commission) • Council of the EU (Justus Lipsius Residence Palace) • Academia Belgica (Rome – Italy) • Fondation Biermans-Lapôtre (Paris – France) • World and International Exhibitions (Shanghai 2010, Saragossa 2008, Aïchi 2005, Hannover 2000)

BELGIUM REAL ESTATE SHOWCASE 2011 91

COMPANY PROFILE

POTIEZ-DEMAN/MASTER-KEY NV/SA Chaussée de Mons 600-602 - BE-1070 Brussels TEL 0032 (0)2 344 77 44 - FAX 0032 (0)2 526 19 98 flocascio@potiez-deman.be - lfoor@master-key.be www.potiez-deman.be - www.master-key.be

Contact Fabio Lo Cascio - Laurence Foor Business Development Manager TEL 0032 (0)478 472 472 - 0032 (0)477 467 514 flocascio@potiez-deman.be - lfoor@master-key.be

Structure Management

Luc CHRISTIAENS

Bart CAMPI

Business Development

Introduction

News

25 years of expertise, this is what Potiez-Deman offers to its customers! Combine this with the proactive approach of Master Key and the result is one of the leaders in Integrated Move Solutions.

Smart Office Stripping From old to new to old again, we present you the Smart Office Stripping! You need your old building stripped and refitted to what it was before? We can fix that.

Moving isn’t an easy job, we all know that. But we daily prove we move solutions.

Stock & Containers In need of temporary storage space or a storage container? Don’t despair, we are there!

Besides moving, you have to take care of refitting the old workspace, manage the planning, get rid of old furniture, ... To sum it all up, if you need a solid partner, call us!

Services All kind of moves, from the smallest enterprise to the biggest corporate entity, we’ve moved them all. • National and international removals • Warehouse management • Consultancy, planning, execution, transportation

Fabio Lo Cascio

Laurence Foor

Valérie GINION

Belgian subsidiaries Anderlecht - Brussels - Drogenbos

Company Number of staff : 85 Year of foundation : 1986 92 BELGIUM REAL ESTATE SHOWCASE 2011

Furniture Handling Don’t know what to do with the old office furniture? The existing desks don’t match the new carpet? No problem, we take care of it!

References - clients European Parliament, European Commission, Ricoh, Bpost, Bloso, KBC, Mobistar, BNP Paribas Real Estate, GE Medical Systems, Arval, Adecco, Lubrizol, CAGP, Burodepo, CBD-BKV

COMPANY PROFILE

BELTICO NV/SA 28 Bte 12 Rue de la Loi - Wetstraat 28 Bus 12 BE-1040 Brussels TEL 0032 (0)2 230 11 11 FAX 0032 (0)2 230 11 13 info@beltico.com www.beltico.com

Contact Christophe Logé Chief Executive Officer TEL 0032 (0)2 230 11 11 cloge@beltico.com

Structure Management

Christophe Logé Chief Executive Officer Sophie De Clerq Building Management Officer

Plant/International United Kingdom Germany Holland Spain Year of foundation : 1994

Introduction WHO IS BELTICO ? Created in August 1994, Beltico was founded with the objective of becoming one of the most professional real estate advisor in Brussels, and on the global Belgian real estate market, for mainly professional properties and all kinds of investments . The founder, Its current Chief executive Officer, Christophe Logé, wanted to create a company of high standards of quality services, with, as a basic rule, the full respect of the code of ethics, applicable for its brokerage work. The aims of Beltico are to create differences from standard to more dedicated services to its exclusive clients, treated one by one. After all these years, its success has proven these to be the best methods to lead its client to a long, successful and profitable relation. In Beltico, Christophe and his whole team, have built up such a company, capable of satisfying all requests of a diverse range of clients, from investors to occupiers with independent unbiased high quality advices. This has enabled Beltico to deal with clients whether they are multinationals or private individuals.

Services WHAT DOES BELTICO DO? 1. Brokerage Services: Full range of brokerage services provided to tenants, landlords and/or investors: Acquisitions - Dispositions - Lettings - Lease renegotiations - Lease surrenders 2. Management Services: Property Management - Property Company Management 3. Real Estate Consultancy: Strategic consultancy - Property portfolio planning Location full studies - Negotiation full service Valuations/expertise - Dilapidations/Schedule of shapes Coordinations of due diligence process and all audits 4. General Consultancies: Company analyses (fiscal, profile of Balance sheet,legal, surveys…) - Structural building surveys (technical, administrative,…) - Project management - Planning advice and development consultancy - Market survey

News Why is Beltico different ? Since we are active with only a few clients at the same time to be true and result minded, real estate being a real “intuitu personae” relation, we are capable to be very pro-active to find the proper method according to each specificities of the clients or, of the properties. We can guarantee a full absence of conflict of interests. International : Beltico has been part of “Global Property Alliance”, from 1996 until 2009. GPA was a strategic alliance between a number of independent commercial real estate brokerage firms located in Europe, the United States, Asia. Beltico has undertaken property studies and work throughout Belgium and in Luxembourg, Switzerland, the Netherlands, Spain, etc . Due to market evolutions, Beltico is now looking for new possible associations with international networks in order to develop its experience and share with partners, experiences as global possible corporate contracts, all kinds of consultancies real estate oriented .

References - clients Beltico s.a/n.v has undertaken location studies for the following companies in Belgium and Luxembourg: British Telecom (worldwide) - Wilmer, Cutler & Pickering Schengen Agreement - Union Economique Benelux CGU - Banque Privée E. de Rotschild (Luxemburg bank) Arnold & Porter ( American Lawyers) - Apetra SA Fédération Belge de Pétrole SA, etc... Beltico s.a / n.v has undertaken numerous acquisitions, and dispositions, or manages for companies such as: Citibank Belgium - Cofinoga - Fidexis - La Nationale Suisse Assurances S.A. - I.V.G. - Cogerimo S.A. - La Cie Européenne d’Assurance des Marchandises et de Bagages SA - Erachem Europe (Comilog Group) C.G.U - L’Intégrale - BAE System - Enterprise Plc HSBC - Le Syndicat Libéral - Swiss Life - AXA - BPI (Vinci Group) - Allianz Group - Edelman Europe Cofinimmo - Befimmo - BBC - Home Invest Belgium BNP - CBR (Heidelberger)- Wereldhave - Ilpa sa DEXIA - R.R.E.E. F - Generali - Alcan - Banimmo SA General Electric - Centre for Creative Leadership Immobel - Toyota - Auxipress and numerous others,...

BELGIUM REAL ESTATE SHOWCASE 2011 93

COMPANY PROFILE

B4F | Building for the Future 223 rue de l’Hospice Communal - BE-1170 Brussels TEL 0032 (0)2 673 92 85 FAX 0032 (0)2 673 92 86 info@b4f.eu www.b4f.eu

Contact Jean-Louis HUBERMONT Managing Director TEL 0032 (0)476 428 264 jean.louis@b4f.eu

Structure Management

Introduction Jean-Louis HUBERMONT Managing Director

Plant/International B4F Sàrl - Luxembourg

Company Number of staff : 2 Year of foundation : 2007

Turnover 2007 : 71.000 € 2008 : 170.000 € 2009 : 250.000 €

The services listed here have generally formed part of the references below : feasibility study, pre-assessment, project guidance, design and execution follow-up, construction site guidance, full certification, 2nd opinion

With around 10 years of experience in environmental certification, we were responsible for the certification of the Project Atlantis (first buildings to achieve a BREEAM certification in Belgium) and of the new Headquarter of the EIB in Luxembourg (first BREEAM certified project in continental Europe).

Environmental Certification (BREEAM or HQE - recent and ongoing projects) : Forum II (24.800 m², Brussels, developed by IMMOBEL) European Parliament (Renovation of PHS building, 80.000 m², Brussels, in collaboration with ASSAR, Marcq & Roba and Bopro) - EVS Headquarters (30.000 m², Liège, offices and production building) - Leudelange Offices Centre (15.000 m², Luxembourg, developed by CODIC) - Shopping Centre Nivelles (45.000 m², developed by WERELDHAVE, contracted by VK Engineering and BESIX) - South City (building NGZ, 13.600 m², Brussels, developed by ATENOR/BPI, contracted by L’Intégrale) Champs de Bouval Extension (15.000 m², Wavre, developed by CODIC) - Ikaros (Building Arval, 5.400 m², Zaventem, developed by CODIC, owned by L’Intégrale – Breeam Score VERY GOOD) - Atlantis (buildings Access and Bridge, 25.000 m², Brussels, developed by CODIC, owned by UBS - Breeam score VERY GOOD) - European Investment Bank (72.500 m², Luxembourg, New EKI Building - Breeam score EXCELLENT)

B4F assists its clients across Europe (mainly Belgium, France and Luxembourg) to design and build their Building for the Future.

Services We are specialised in the definition of the program of requirements, in the organization of architectural competitions and in environmental certifications (BREEAM, HQE and LEED) for new and existing buildings. In close collaboration with our clients (developers, funders, design team, contractors ...) we develop requirements specifications and management strategies for delivering effective green buildings, including tailored specifications for further environmental certification. We assess building projects on the environmental and sustainability aspects of their design and construction. B4F can provide pre-assessments, full assessments or simply advise on which aspects could be improved in order to achieve a higher rating.

94 BELGIUM REAL ESTATE SHOWCASE 2011

References - clients

B4F | Building for the Future is a construction consultancy company which assists and advises clients in the sustainable construction of new projects, the renovation of buildings and with a quick-scan of existing portfolios.

Program of Requirements (POR) – Projects to be certified either BREEAM or HQE Construction of a new healthcare and rest home (Vielsalm, Belgium, 120 beds) - Construction of a new Hospital, healthcare and rest home (Andrevetan, La Roche-sur-Foron, France) - European Investment Bank (75.000 m², Luxembourg, Refurbishment WKI building) European Commission (140.000 m², Luxembourg, Construction of a new headquarter)

COMPANY PROFILE

KBC REAL ESTATE NV/SA Havenlaan 12 - BE-1080 Brussels TEL +32 (0)2 429 55 88 FAX +32 (0)2 429 61 85 pressofficekbc@kbc.be www.kbcrealestate.com

Structure Management

Kim Creten, MRICS CEO KBC Real Estate

Gerrit Callaerts Director Real Estate Finance

Introduction

Marc Van Acoleyen Director Real Estate Finance Belux

Pascal Vandeuren MRICS, MRE, Director Real Estate Finance CEE

In KBC Real Estate is a 100% subsidiary of KBC, a leading European bancassurance group. KBC Real Estate focuses on building longterm relationships with real estate professionals active in all real estate sectors. With a multi-disciplinary team of over 50 account managers and a legal and financial support staff, we aim to market KBC Real Estate as the leading bank in real estate operations in Belgium and as an imprtant player in Central and Eastern Europe.

Products Real Estate Finance Market leader in Belgium, KBC Real Estate Finance leverages on its real estate expertise and the strong corporate branch network of KBC Bank to serve its real estate clients in selected markets in Europe. KBC Real Estate Finance products include development and investment finance, syndicated loans and real estate leasing.

Hubert De Peuter Director Real Estate Investment

Carine Van Bever Director Real Estate Management

Real Estate Investment KBC Real Estate is a leading investor in quality real estate and seeks to build up a strong investment portfolio. KBC Real Estate invests in office buildings, logistic or semi-industrial buildings, commercial real estate and nursing homes. In geographical terms, it invests primarily in Belgium, but is also active as an investor in selected markets in Central and Eastern Europe. Real Estate Management KBC Real Estate manages its own real estate portfolio, as well as buildings that have been securitized. KBC Real Estate provides both the management of the SPVs and the asset and property management of the buildings. Real Estate Securitisation KBC Real Estate is a leading market player in converting real estate assets, or even entire real estate portfolios, into real estate certificates or real estate sicafis (shares in a real estate company with fixed capital â&#x20AC;&#x2DC;vastgoedbevakâ&#x20AC;&#x2122;).

BELGIUM REAL ESTATE SHOWCASE 2011 95

LAWYERS OFFICE - B-1000 BRUSSELS - PHOTO: MARC DETIFFE - COPYWRITER: VINCENT LENS - GRAPHIC DESIGN: SDESIGN

Global_Profacility_ArnolPorter_1_2011_Global 2/02/11 17:16 Page1

global

give space a new dimension design and realization of workspaces

In crisis times, reducing costs is essential, but this challenge also presents an outstanding opportunity. How can you reorganise your teams in the work area ? What working method is most suited to the jobs performed ? How can you improve your communications ? As specialist in creating and developing work spaces, GLOBAL will help answer these questions and make your offices a real strategic lever. So you can successfully meet your challenges, today and tomorrow. WWW.GLOBAL-DPM.BE / STEVEN VALKENIERS +32 (0)475 83 06 23 / ALAIN LE GRELLE +32 (0)475 27 64 16

COMPANY PROFILE

GLOBAL Design Project & Facility Management Chaussée de La Hulpe 181 - BE-1170 Brussels TEL 0032 (0)2 676 71 71 FAX 0032 (0)2 673 38 68 global@global-dpm.be www.global-dpm.be

Contact Alain LE GRELLE Managing Director TEL 0032 (0)2 676 71 73 ale@global-dpm.be

Structure Management

Alain LE GRELLE Managing Director - Associate Aferdita KAS Design Management - Associate Philippe BEMONT Project Management - Associate Steven VALKENIERS Sales Director - Associate Cécile SEVRIN Administration - Associate

Company Number of staff: 25 Year of foundation: 1995

Turnover 2007: 2.695.000 (EX. VAT) € 2008: 2.145.000 (EX. VAT) € 2009: 2.181.000 (EX. VAT) €

Introduction In 1995 a handful of enthusiasts decided to form the GLOBAL study centre. The centre quickly specializes in design and management of work spaces. In 2004 it expands its activities to businesses, housing and hotels. All of these spaces have one thing in common: the need for tailored solutions in order to revalue the human dimension. An aspiration GLOBAL tries to realize by maintaining a tight financial budget, combined with creativity, flexibility and synergy. As a consequence, the company has become a pre-eminent partner for companies that wish to give real meaning to their space.

Services Change management Since the early nineties, GLOBAL has been offering an exclusive approach to organising the workplace. Based on the Dynamic Office concept, Change Management creates a new relationship between the different areas associated with work, inside the office as well as outside. The goal is to rationalise the space available whilst offering employees more flexibility and giving the company a really attractive image. Space Planning. Understand, solve, plan. GLOBAL tries to get acquainted with the client’s personal culture, understand and analyse this culture and then translate it into its own words. Main objective: To present a first proposal to rearrange the space organizationally. In addition, the centre studies the project’s feasibility and makes the requisite budgetary analyses. Design Management. Design, equip, verify The first creative and aesthetic sketch takes on a more solid form and the first outlines are refined. We help you select the materials, partitions, and wiring, as well as the air conditioning, the new panelling, the lighting, the colour schemes, and the furniture. Of course keeping in mind all the parameters the client has set for the actual execution.

Project Management. Select, coordinate, check. GLOBAL keeps your quality standards, timeframe and budget perfectly under control. The project manager with whom you are in constant contact watches over your interests. He makes sure the work proceeds smoothly by keeping an eye on the specifications and the tenders, managing the time and the budgets and coordinating and monitoring the on-site activities. Facility Management. Counsel, advise, develop. The attention GLOBAL pays to flexible spaces, cost analysis and of course cost-effectiveness immensely facilitates the step toward a new location. It also helps you manage the newly-applied structures in an integrated way. GLOBAL looks ahead and anticipates its clients’ future needs. That is why we also provide a customized after sales support.

References - clients ACCOR, ASTRA ZENECA, AXA, BAIN & COMPANY BELGIUM, BÂTIMENTS ET PONTS CONSTRUCTION, BOEING, BONELLI EREDE PAPPALARDO, BREDIN PRAT, BRITISH AMERICAN TOBACCO, CARDINAL HEALTH, CLEARY GOTTLIEB STEEN & HAMILTON, CLIFFORD CHANCE, COCA COLA, COFINIMMO, COMMISSION EUROPEENNE, CUMERIO, DATASCOPE, DE WOLF & PARTNERS, DEXIA, EASYNET, EBBINGE, ELECTRABEL, ELIA, FIRST INDUSTRIAL, FOST +, FRESHFIELDS DERINGER, G 14, GENERAL ELECTRIC, GLAXO SMITH KLINE, GREY, HENGELER MUELLER, HONDA, HUNTON&WILLIAMS,ING, INNOVEX / QUINTILES, JET AIRWAYS, JONES DAY, LA POSTE, LACTALIS, L’ECHO, LIEDEKERKE, LINKLATERS, LOYENS LOEFF, McKINSEY & COMPANY EUROPE, MOBISTAR, NAUTADUTILH, NCR, NESTLE, NH HOTELES, OUTOKUMPU OYJ, PREVENT, RAFFINERIE TIRLEMONTOISE / TIENSE SUIKERRAFFINADERIJ, S.N.C.B. / N.M.B.S., S.T.I.B. / M.I.V.B., SECURA BELGIAN RE, SLAUGHTER & MAY, SOM, SPE, STATE STREET, STIBBE, SYNTHES, THE BRUSSELS AIRPORT, TOYOTA, UCB , UMICORE, UNIFERT, URIA MENENDEZ, VAL-I-PAC, VANGUARD INVESTMENTS EUROPE, VF EUROPE, VILLEROY & BOCH, WALL STREET JOURNAL EUROPE, WILMER HALE LLP, WORLD BANK.

BELGIUM REAL ESTATE SHOWCASE 2011 97

Tour & Taxis I Brussels I 24-25-26 May 2011

Real Estate & Facility Management meet at ‘Realty’

Recently the IFMA (Belgian Federation of professionals involved in Facility Management) and the FAB (Belgian Federation of Architects) signed a charter engaging both organisation to take into account - in the design phase of a building - all the facts impacting the cost of use and environmental cost. As a ﬁrst step to promote exchanges between the Real Estate and the Facility Management worlds, IFMA is organising two conferences in Brussels during REALTY, the Belgian business-to business real estate trade fair:

24 May | Condition assessment and long-range maintenance budget for buildings and installations via NEN 2767 26 May | FMIS : 360° control of your Real Estate! Online registration via www.realty-brussels.com

When registering for the Realty Trade fair, you will gain free access to these conferences

IFMA thanks these partners for their support :

Professional Partners

Media Partners

Fair Partner

COMPANY PROFILE

IFMA BELGIAN CHAPTER VZW/ASBL Hemelaerstraat 21 - BE-9100 Sint-Niklaas TEL 0032 (0)2 424 12 80 FAX 0032 (0)2 424 12 90 info@ifma.be www.ifma.be

Contact Annemie VAN GOETHEM TEL 0032 (0)2 424 12 80 secretary@ifma.be

Structure Management

Introduction Company profile

IFMA is Belgium’s only specialist association for professionals in the world of facility management. The organisation has now existed for 15 years in Belgium, having witnessed the development of this specialist field in the country since its infancy. IFMA is a chapter in the worldwide IFMA International. As an organisation, IFMA works to build a future founded on three pillars: specialised events that turn the spotlight on a specific discipline within facility management, an unconditional focus on the content of the specialist field and actions that place its members centre stage. Working and specialist groups As facility managers and facility directors take decisions at a strategic level, they are being given new responsibilities and having an ever greater impact on overall events in the company.

Yves Van Hooland President

Yves STEVENS Development & Marketing Manager

IFMA anticipates this with targeted research through specific working and specialist groups within the organisation. Here are a few examples: • The legal responsibility of the facility manager. • Insuring facility management – what specific insurance options are available to cover the tasks and responsibilities of the facility manager.

Luc Cloetens Annemie Van Goethem Office Manager Director

• Facility management internationalises – IFMA looks across borders, sending signals to the authorities in Belgium and in Europe through a working group on ‘simplifying public tenders’.

A new working group was recently set up for facility management in the care sector, in conjunction with the HFDV association which works in this field.

The existing working groups will continue to receive professional guidance with a view to ensuring added value for members. New actions will be undertaken in line with the market situation.

IFMA Facility Awards Every year IFMA organises a competition to find the best ‘Facility Management Project of the Year’. This is the biggest annual event in the world of facility management. The IFMA Facility Awards are synonymous with innovative projects, achievements that demonstrate progress in the field and as such serve as an example for fellow professionals. The facility manager who supervised the ‘Facility Management Project of the Year’ shares his experiences with his colleagues. This is why, as of 2011, elections will also be held to find the ‘Facility Manager of the Year’. Training IFMA lies behind the organisation of vocational training for facility professionals. Over 500 people throughout Flanders, Wallonia and Brussels are currently successfully following a specialised FM training course, at post graduate or bachelor level with a full-time curriculum. FM meets Real Estate On 23 November Luc Deleuze, president of the FAB (Federatie van Architectenverenigingen van Belgie – the Belgian federation of architects’ associations) and Yves Van Hooland, president of IFMA Belgian Chapter, signed a charter in which both associations undertake to take into account, in the design phase of a building, all the factors that influence the building’s cost of use and its impact on the environment. The decisions taken in the design phase of a building affect facility management and the TCO of the building in the long term. In addition, the cost of using an office building over its entire life cycle is many times greater than the cost of its construction. Facility Managers aim to ensure that buildings are flexible, lasting and maintenance friendly. The desired balance between these three criteria can only be achieved if this is taken into account in the design phase.

BELGIUM REAL ESTATE SHOWCASE 2011 99

Dreams are made to be realised.

Take advantage of our expertise in the Real Estate sector. Managing a business in the Real Estate sector requires specific know-how. Very often, the transition from paper plans to final completion is long and arduous. More than in any other sector, you will be confronted with sophisticated financial arrangements, at the level of both legislation and the various types of

www.ing.be/business

loans. One word of advice: talk to INGâ&#x20AC;&#x2122;s experts. They are experienced and well versed in the Real Estate sector, they keep a daily track of trends in applicable legislation and are thus able to tailor solutions to meet your needs at best. Just so that your dreams go beyond the drawing board.

COMPANY PROFILE

ING Marnixlaan 24 - Avenue Marnix 24 BE-1000 Brussels TEL 0032 (0)2 547 38 57 FAX 0032 (0)2 547 20 77 info@ing.be www.ing.be

Structure Management MAIN SHAREHOLDER Subsidiary of ING Group Luc VANDEWALLE Chairman of the Board Ralph HAMERS CEO Michael JONKER Managing Director Colette Dierick Managing Director Guy BENIADA Managing Director Frank Stockx Managing Director Philippe MASSET Managing Director

Belgian subsidiaries Record Bank SA/NV, Record Credit Services SCRL, Fiducré ING Investment Management Belgium SA/NV ING Luxembourg SA ING Life/ING Non-Life ING Lease Belgium ING Car Lease Belgium ING Commercial Finance BeLux

Introduction ING Belgium is a member of ING Group, a global financial institution of Dutch origin.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. As of 30 September 2010, ING served more than 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future. ING Belgium – an all purpose bank

ING Belgium is a universal direct bank and one of the major banks on the Belgian market. We are the only Belgian bank, combining a strong network of branches with a clear online sales offer. The core businesses are Retail & Private Banking, Corporate & Institutional Banking, Financial Markets, Investment Banking, Asset Management and Insurance (Life and non-Life). ING Belgium has a network of almost 800 branches, of which 230 are run by independent self-employed agents. The branch network operates via proxi-branches and full-service branches. ING’s Commercial Banking department serves multinationals and stock listed companies. ING works closely together with ING business units in other countries – also through cross-border platforms – to optimize its service to this customer segment.

ING Belgium – Real Estate

ING Belgium has build a consistent and important position through the years in providing financial services to the professionals of the Real Estate World: •

We approach the Real Estate community following the value chain. From the conception and development phase of a building, including the construction of it, to the long-term ownership of the real estate asset, we follow the entire scope of the professionals in this market. Our teams are specialized and fully dedicated to this population of companies, setting up the specific technical know how needed to provide appropriate solutions in a broad perspective.

•

We combine specific expertise with local know-how. Our specialized teams of relationship managers are located in the region they cover, having a specific knowledge on how this region does evolve but also being able of following the client to other regions of Belgium remaining the main contact person and still connect to other relationship managers or external advisors for more focused regional knowledge.

•

Our view of the client need is broad and complete. Lending, placements, cash-pooling, hedging, bonds and capital markets solutions are with other product available for our clients.

•

Our intention and vision is long term based. We aim to set up long lasting relationships with our clients, being consistent in our lending policy in time and being present in the whole cycle. We are in this sector and intend to remain present even when the times are tough.

BELGIUM REAL ESTATE SHOWCASE 2011 101

COMPANY PROFILE

SOPHIA GROUP Avenue Winston Churchill 98 BE-1180 Brussels TEL 0032 (0)2 346 79 60 FAX 0032 (0)2 344 75 28 www.sophia-group.be

Contact Pascal Hendrickx Managing Director TEL 0032 (0)475 63 94 31 p.hendrickx@sophia-group.be

Structure Management

Introduction Sophia Group gathers several independent and complementary companies offering a wide range of consistent services to Real Estate Business. Sophia Group is involved in consulting, construction and maintenance of buildings. Green VAlue has been recently acquired as a complementary asset to Sophia Environment. This company commits itself to sustainability of Real Estate in Belgium, Luxemburg and France.

Pascal HENDRICKX

Company Number of staff: 48

Services Each company within the Sophia Group offers expert advices, in depth analysis and from design to completion of its own services. Sophia Management: Outsourcing, Facility Management Information System, Technical Dispatching, Benchmarking. Sophia Engineering: Health & Safety Coordination, Building Technologies Engineering and HVAC, Energy Performance Design of Buildings. Sophia Audit: Technical Due Diligence, Energy Audit, Optimised Maintenance Management. Sophia Consulting: Corporate Real Estate Consulting, Programming, Project Management, Space Planning, Moving and Fitting Advisor. Sophia Environment: Sophia Environment intends to promote certified long term sustainable buildings based on suitable solutions and the recognized experience of its team. • •

102 BELGIUM REAL ESTATE SHOWCASE 2011

Environmental Strategy : rationalised use of energy, reduced waste Energy Performance of Occupied Buildings : sustainable audits (Qualité Environnementale d’Exploitation, Breeam In Use)

• • • •

Energy Performance of New Buildings (EPB): Licensed Assessor (responsable PEB ou conseiller PEB), Design Advisor, Handling of EPB Certification Process Very Low Energy or Passive Constructions : Concept and Design Advisor, Handling of the whole Certification process. International Sustainable Certification for projects and constructions : LEED HQE BREEAM (*) Pollutants in Buildings: soils, chemicals and biological pollutants

(*) LEED (Leadership in Energy and Environmental Design), HQE (Haute Qualité Environnementale), BREEAM (Building Research Establishment Environmental Assessment Method)

News Co-ownership buildings should be refurbished to sustainable construction. In order to secure the feasibility of such refurbishment, Sophia Group developed through Sophia Environment a third investor solution called Green VAlue Investment Fund.

References - clients Sophia Group and its companies are active on any real estate market, from corporates to public bodies: Council of the European Union, CPAS de la ville de Bruxelles, CIP, City of Brussels, Communauté française, Commune d’Uccle, European Commission, Fluxys, Fonds du logement, IBGE, La Poste, Lycée Français, Maison de la Radio, Ministère de la Défense, Ministère de la Région Wallonne, Parlement Européen, Palais des Congrès, Régie des Bâtiments, SFAR, SNCB, STIB, ... AG Insurance, Atenor group, Atomium, Audi, AXA, Bank Van Breda, Banimmo, Baxter, Belgacom, Beliris, Besix RED, BNP Paribas REPM, Bouygues Immobilier, BPI, BNB, CFE, Coteba, Caterpillar Logistics, Clearstream, Cobelpro, Codic, Cofinimmo, Cogerimo, Cushman & Wakefield, Healey & Baker, Devimo, Dexia, DTZ, Electrabel, Ernst & Young, Euronext, Galeries St-Hubert, Integrale, Generali, H&M, Hewlett Packard, Hotels Hilton, Hugo Ceusters, IBM, ING, IVG, Jones Lang Lasalle, Josi Assurances, KBC Bank, , Mensura, Nike, P&V Assurances, Progex, Proximus, , Renault, Shell, Siemens, Sogesmaint CBRE, Soficom, Stade du Heysel, Toyota, Wereldhave, UCB, ...

COMPANY PROFILE

KPMG Bourgetlaan 40 - BE-1130 Brussels TEL 0032 (0)2 708 43 00 FAX 0032 (0)2 708 43 99 info@kpmg.be www.kpmg.be

Contact Koen Maerevoet Partner TEL 0032 (0)2 708 38 67 kmaerevoet@kpmg.com

Structure Management

Koen Maerevoet Partner Tax & Legal Head of KPMG Real Estate

Filip de Bock Partner Audit

Jorn De Neve Partner Corporate Finance

Thomas Eggermont Director Corporate Finance

Introduction KPMG Real Estate and Infrastructure in Belgium approach real estate as an industry, as a class of investment assets as well as an opportunity to help our clients to increase stakeholder value. In order to manage your real estate and infrastructure projects properly, you may think of KPMG Real Estate and Infrastructure as an extra resource – one which aims to be available when and where you need it.We provide a tailored service which is focused on building trusted relationships and delivering quality output through project teams experienced in accounting, tax, banking and corporate finance. Approach KPMG Real Estate and Infrastructure’s services are delivered by industry-focused professionals who understand the challenges the sector is faced with today. Our practice groups a multidisciplinary team of professionals possessing specific knowledge in the fields of audit, tax, legal and accountancy support, as well as (financial) advisory services. Our teamwork allows us to offer you a comprehensive service, covering the entire real estate value chain.

Services We are active in advisory services on the office market, the warehousing (logistical), semi-industrial, retail, residential and industrial markets.We have a track record in advising on international and Belgian infrastructure as well as Public Private Partnership (PPP) projects. Our clients include stock exchange listed and private property companies, indirect investment vehicles, occupiers, central, regional and local public authorities and construction companies.

Our wide range of Real Estate and Infrastructure services includes: • Acquisition and sale of investment • Public Private Partnership (PPP) • Set up and raising money • Divesting and refinancing • Reporting on performance and plan delivery • Tax, financial and legal due diligence International knowledge KPMG’s Global Real Estate and Infrastructure group is represented in all major international markets. Industry knowledge and training are shared among member firms, enabling our professionals to assist you in recognizing opportunities and implementing changes necessitated by industry developments. National experience KPMG Real Estate and Infrastructure in Belgium is actively present in the real estate industry. We intervene in a substantial volume of real estate investments as advisor to foreign and domestic investors, or by structuring the transactions from a tax and financial point of view. Our knowledge and practical experience is known to the market as a result of our interventions in major projects. Why KPMG Real Estate and Infrastructure? In choosing KPMG Real Estate and Infrastructure professionals means opting for a strong multidisciplinary team of advisors with an in-depth understanding of local issues, challenges and trends combined with crossborder experience. Thanks to our extensive network, technical knowledge and our many years of experience, our professionals are able to provide an issue-based and integrated quality service. Together, they strive to turn their knowledge into real value by providing pragmatic advice and hands-on assistance.

Paul Moreau Manager Corporate Finance

BELGIUM REAL ESTATE SHOWCASE 2011 103

COMPANY PROFILE

Philippe De Bloos Architecture Rue américaine, 70 - BE-1050 Brussels TEL 0032 (0)2 533 99 33 FAX 0032 (0)2 533 99 34 infodebloos@skynet.be www.debloos.be

CONTACT Philippe De Bloos Manager TEL 0032 (0)475 59 01 59 debloos@skynet.be

Structure Management Philippe De Bloos Manager Sylvie Pletschet Project manager Jean-Louis Henry Construction Architect Ana Maia Design Architect François Verrier Design Architect Patrick Colas Design Architect

Company Number of staff : 11 Year of foundation : 1982

104 BELGIUM REAL ESTATE SHOWCASE 2011

Introduction

Services

Philippe De Bloos Architecture is a multi disciplinary office estalished in Brussels.

• Architecture • Urban planning • Project management • Interior architecture

The office, founded in 1982, focuses on the study of urban revitalization projects and the design and construction of office buildings, housing, hotels or public facilities. The work is defined essentially on three major areas: • Design and architectural research. • Development of technical and architectural details. • Attention to quality of execution. Finally, we participated in many associations in Belgium or abroad, with internationally renowned architects such as Mario Botta, Tadao Ando and Helmut Jahn.

References - clients RECENT AND ON-GOING PROJECTS • Les Rives renewal of Anderlecht waterside • Clos Calevoet resthome - Uccle (200 beds) • Several residential development such as Village Saint-Job (15 units), Ligne (75 units) or Bouwfonds (100 units) • Design of Brugmann Square - Ixelles • Stalle/Schlumberger residential hotel - Uccle • Poelaert parking lot - Ixelles • La Poudrière industrial building - Anderlecht • Orpea retail centre - Uccle

COMPANY PROFILE

INFRAX (TORHOUT) - ARCH. CREPAINBINST - COPYRIGHT CREPAINBINST WINNER 2020CHALLENGE AWARD

VK Clemenceaulaan 87 - BE-1070 Brussels TEL 0032 (0)2 414 07 77 FAX 0032 (0)2 414 04 98 bxl@vkgroup.be www.vkgroup.be

Contact

THE CAPITAL (BRUSSELS) - ARCH. ATELIER DE GENVAL/ELD PARTNERSHIP - COPYRIGHT MARC DETIFFE

ANSPACH CENTER (BRUSSELS) - ARCH. ARCHI 2000/ATELIER DE SART TILMAN/MONTOIS PARTNERS COPYRIGHT MARC DETIFFE

Geert Devolder - Managing Director TEL 0032 (0)2 414 07 77 geert.dv@vkgroup.be

Structure Management

Peter Van KerCkhove C.E.O.

Paul FERYN C.O.O.

Introduction

News

VK is a multi-disciplinary design and engineering company with nearly 60 years of experience. VK has an extensive portfolio of work which is represented in four main markets: HEALTHCARE, BUILDINGS, INDUSTRY and INFRASTRUCTURE.

The use of CFD software, Fire engineering, energy engineering.

In our ‘learning organization’ we keep up with technological evolution. VK focuses on sustainable, ecoefficient and future-oriented design, with knowledge of business on rational use of energy, energy performance standards, energy reporting, ... Being rewarded a ‘Green Good Design Award’ for the Renson head office (2002), Infrax (2010) and a ‘2020 challenge award’ for the Infrax low energy offices (2009), proves that VK is successful in implementing its sustainable approach in various projects.

Bernard Nef Chairman

Geert DEVOLDER Managing Director

VK has contributed to several challenging structural and technical engineering missions and large-scale projects with renowned architects: The Capital Business Centre (Brussels), Zenith Tower (Brussels), the new NATO HQ (Brussels), extension of the European Parliament (Brussels), the new Law Courts of Antwerp, various projects for GlaxoSmithKline and Baxter, ... and was engaged as engineering office in 4 MIPIM award winners since 2000.

Services Dirk Slabbinck Managing Director

Belgian subsidiaries VK - Axxess Business Park, Gulden sporenpark, Building A n° 4 B - 9820 Merelbeke (Gand) VK - Zevenbergenlaan 2a - B - 8200 Brugge VK - Brugsesteenweg 210 - B-8800 Roeselare

Civil & Structural Engineering: stability, concrete and steel studies, infrastructure, special construction procedures, VRD, etc. MEP Engineering: HVAC, electricity, plumbing, electro-mechanics, fire prevention, technical building management, energy management, energy engineering, environmental audits, special systems (IT, telephone, etc.), etc.

References - clients Offices: All Fin, Atenor, Axa RE, B.P.I., Banimmo, Fortis Real Estate, ING Real Estate, Burco, CDP, Certimmo, CIB, Codic, Cofinimmo, Cogerimmo, Deloitte & Touch, Ghelamco, Dexia, Immomills, Infrax, JM Construction, Kairos, Robelco, Redevco, Renson, Sobifac, Sodiro,… Retail: Wereldhave Belle-Ile (Liège), Fort-Jaco (Brussels), Wereldhave - Les Bastions (Doornik), ING RE- Ilot Saint- Michel (Liège), Ring Shopping Center Kuurne, Woluwe Shopping Center, Redevco, etc. Public buildings: Flemish Administrative Centre Leuven, National Theatre of Belgium, Forem La Louvière, Town hall Koksijde, Law Courts Antwerp, Concert Hall Brugge, Atomium, NATO HQ, etc. Hotels: Hotel Metropole, Crown Plaza, Marriott, Ravestein, etc. Industry: Amylum, Bekaert, Boortmalt, Cargill, Eurosilo, Ghent Grain Terminal, Kopal, Leievoeders, Pfizer Corporation, Picanol, Proferro, Rendac, Samga, ArcelorMittal, Sobelgra, Spanolux, Tailor Steel, TOP Bronnen, UCB, Vamo Mills, Vandemoortele, Vanden Avenne, Voeders Danis, Volkswagen, Glaxo Smithkline (Rixensart), Pfizer Corporation (Brussels), UCB (Eigenbrakel en Vorst), … Hospitals: VinMedicare Hospital (Vietnam), Pediatric Hospital Nha Thrang (Vietnam), General Hospital SintMaarten Mechelen, O.L. Vrouw Hospital (Aalst), H. Heart Hospital (Roeselare), Burns Centre Military Hospital (Neder-over-Heembeek), University Hospital Revalidation Centre Esneux, University Hospital (Leuven), Jan Yperman (Ieper), Public Welfare Hospital Roeselare, St-Jan Hospital (Brugge), etc.

Plant/International VK Astana - Kazachstan

Company Number of staff : ± 100 Year of foundation : 1952 BELGIUM REAL ESTATE SHOWCASE 2011 105

LAVOISIER « Rien ne se perd, rien ne se crée, tout se transforme.» Antoine Lavoisier 1743-1794

◆ Former BAT-plant thoroughly renovated by ASSAR Architects ◆ Efficient insulation (K42) ◆ Energy savings (E65) ◆ A site in the heart of the city

Flexible modules

of 500 to 13,900 m² SDRB ■ GOMB rue Gabrielle Petit 6 1080 Bruxelles +32 2 422 50 55 commercial@sdrb.be www.sdrb.be

FOR RENT

from

euros/m²

COMPANY PROFILE

SDRB GOMB BRDA Rue Gabrielle Petit 6 - BE-1080 Brussels TEL 0032 (0)2 422 51 11 FAX 0032 (0)2 422 51 12 info@sdrb.be www.sdrb.be

Contact Mireille FRANCQ General Director TEL 0032 (0)2 422 51 11

Structure Management

Introduction The response of the BRDA to the real estate problems faced by businesses in Brussels As the BRDA is concerned with meeting the needs of businesses, it acquires plots of land, makes them ready for building and available to businesses through long lease. The BRDA also converts former industrial sites into multi-purpose business properties that meet the needs of businesses, and then puts them on the market at attractive rates.

Denis GRIMBERGHS Chairman of the Board

Julien Meganck Executive Director Mireille FRANCQ General Director Philippe ANTOINE General Manager Nicolas JOSCHKO General Manager

The BRDA, the undisputed housing partner For over 20 years the BRDA has been building housing for middle-income households. More recently, the organization adopted a policy based on sustainable development. Thus, all of the housing provided by the BRDA is either passive- or low-energy. The BRDA also manages mixed projects in which housing and workshops are seamlessly integrated. Its objective is considerable: to redevelop the underprivileged areas of Brussels.

What steps do businesses have to take to be helped by the BRDA? Any business looking for a property can contact the BRDA. The BRDA records and analyzes each request in detail. If the company meets the activity and employment criteria of the BRDA, the Brussels institution will suggest properties (plots of land or buildings) what form part of its portfolio of assets. Apart from support in searching for an appropriate business property, the BRDA analyzes the financing of the project, the granting of any permits or subsidies, and guides the company towards other regional partners.

Gert Van der Eeken General Manager

Company Number of staff : 130 Year of foundation : 1974

BELGIUM REAL ESTATE SHOWCASE 2011 107

day, y r e v e g Makin day r e t t e b a

“We design, manage and deliver Comprehensive Service Solutions to You” Our mission is to contribute, in a sustainable way, via our Comprehensive Service Solutions, to the economic, social and environmental development of your facility services. Combining your building operations and maintenance, your support services, and your users services, our offer is built on responsible partnership, good practices, governance and results: “Exploring your facility processes, understanding your values and challenges, we commit to design, manage and deliver the reliable facility solution required to drive the well-being, health and efficiency of your employees and to support the achievement of your objectives.” Our company firmly believes that Quality of daily Life contributes to the progress of individuals and to the efficient performance of your organization.

Sodexo, your Strategic Partner to successfully enhance your Facility Management Contact for Belgium: Albert Cohen albert.cohen@sodexo.com +32 (0)2 679.11.39

www.sodexo.com

COMPANY PROFILE

SODEXO BELGIUM NV/SA Rue Charles Lemaire 1 - BE-1160 Brussels TEL 0032 (0)2 679 12 11 FAX 0032 (0)2 679 14 54 reception@sodexo.com www.sodexo.com

Contact Albert Cohen CSS Sales Director TEL 0032 (0)2 679 13 39 albert.cohen@sodexo.com

Structure Management

Introduction “Making every day a better day”. Since the Sodexo Group was created 1966, its mission has been to improve its customers’ everyday quality of life. Our customers benefit from 37 years of experience in facilities management acquired worldwide. On-site Service Solutions: Sodexo creates drives and implements global service solutions, through on-site service solutions.

Carine De Strooper CSS Project Director

Ed Elfrink General Manager Division B&A

Albert Cohen CSS Sales Director

Stéphane Clement CSS Operations Director

Belgian subsidiaries Altys, Sodexo IFM Technical Services

Company Number of staff : 4000 Year of foundation : 1971 in Belgium

Services Sodexo, more than catering. Our facilities management approach is based on: • The analysis and thorough understanding of your environment, your activities, your culture and your specificities. • The reconstruction of a service model that meets your expectations in the short term, midterm and long term. • Evolution and flexibility of the proposed solutions in time. • The experts and managers, both at our sites and in back-office support. • The ToolBox, a tool created by Sodexo aimed at: harmonising practices and management indicators of FM performance, facilitating the implementation of the international FM approach, ensuring the transparency and reporting required to build, manage and continuously improve the facilities management activities. We share this ToolBox with you and it will become your management tool. • Sharing and managing know-how on an international level. Our offer: • Facilities management integrated with complete or partial externalisation of our facilities services (this covers operational execution and operational management). • A multi-services offer: operational execution of a set of facilities services.

• A single-service offer: operational execution of a single service (food: catering, vending - facility: reception and welcome, multi-technical maintenance, mailroom, meeting room management, etc.) Our added value: • Efficiency, the proven and measured competiveness of our solutions, our scorecard (formal performance management system) and our ToolBox make Sodexo a real added value for your facilities services. • Continuous progress as future driver of our relationship thanks to our ‘‘Cost innovation map’’. • Sustainable development with the Be SO ECO approach, a unique and proven methodology to motivate companies and their employees to make change a team effort. Sodexo, a socially-aware company • STOP Hunger project against worldwide hunger and malnutrition • Diversity Charter • Member of Business & Society In an effort to meet the requirements of your environment and your expectations, Sodexo deploys a world of differences and helps your established activities evolve according to the rhythm of your business needs. Our values: • Service-minded • Future-oriented • Team spirit Our ethical principles: • Loyalty • Respect for others • Transparency • Fighting corruption and unfair competition

References - clients References and presentation upon request (anne.derede@sodexo.com)

BELGIUM REAL ESTATE SHOWCASE 2011 109

COMPANY PROFILE

WILHELM & CO NV/SA Rue de la Bonté, 5 - BE-1000 Brussels TEL 0032 (0)2 535 10 10 FAX 0032 (0)2 535 10 05 pr@wilco.be www.wilhelmandco.be

Contact Nicole Van den Plas Communication Director TEL 0032 (0)2 535 10 10 pr@wilco.be

Structure Management

Introduction

Peter Wilhelm CEO

Jean-Michel Despaux COO

Plant/International Wilhelm & Co Portugal - Lisbon Wilhelm & Co France - Paris Wilhelm & Co Italy - Milano Wilhelm & Co Sebia - Belgrade

Activities A team of 60 specialists covering the full value chain in large scale mixed-used project including: Conception Development Investment Shopping centre and parking management Asset management

Company Number of staff : 60 Year of foundation : 1988

110 BELGIUM REAL ESTATE SHOWCASE 2011

A recognised pioneer in the field of large urban mixed-use projects and shopping centre. Established in 1988, the Wilhelm & Co Group became, in 20 years, a significant player in the European property market, recognized for the ambition and quality of its projects which focus on tailor-made mixed-use developments at the scale of city districts, and on using a strong retail component as a vector of attraction. After the completion in Belgium of L’esplanade, a 300,000 sqm development awarded the ICSC (International Council of Shopping Centers) “Restore Price” (best Public-Private Partnership in Europe) and Médiacité, a 160,000 sqm mixed-use urban regeneration development in Liège’s city center. Wilhelm & Co recently launched two new city centre projects: respectively 120,000 sqm in La Louvière (Belgium) and 63,000 sqm in Valence (France). The group is also active in Serbia, Portugal and Italy. The Group’s strategy: 4 creeds A global approach In close cooperation with local authorities, Wilhelm & Co develops and operates entire city districts by designing, building, managing and investing in all functions involved in making up a city: residential units, retail, offices, leisure facilities. A long-term approach for a long term success Wilhelm & Co strongly believes in long-term and prefers sustainable growth to quick rental returns that are often short-lived. Hence the company invests or co-invests in its retail project with a long term view.

Wilhelm & Co’s subsidiaries: GESPARK (a 50/50 partnership between Wilhelm & Co and Group MY PARK) provides parking design and management, as well as city centre utilities management, and GESMALL leases and manages its shopping centres. Designing the best bespoke project for each city Because each city is unique, the Group designs specific projects that enhance the city’s own identity, while providing guarantees of success throughout time. Its team, made up of the best specialists recruited from across Europe, encompasses the full value chain of real estate. From defining the program at an early stage, through structuring finance, building the project and eventually managing its success after opening. Architectural quality, social and environmental sustainability Architects, planners and consultants are chosen with care for their know-how. They are assisted by Wilco Design, the Group’s own in-house planning and design department whose primary mission is to keep a check on the architectural quality of every project, as well as to ensure its integration into the existing urban fabric. Respect for the environment has always been a priority for Wilhelm & Co. After the pioneering L’esplanade in Louvain-la-Neuve, Médiacité aimed to set a new standard in sustainability resulting into the first Breeam certified constructed building in Belgium and first Breeam Retail certification in Europe.

REAL ESTATE NETWORK The directory of Pro-Realestate.be publishes the coordinates of : â&#x20AC;˘ key players in the real estate industry â&#x20AC;˘ suppliers who can assist developers in achieving their real estate projects and help real estate end-users to perform in their asset and property management In the following pages you will find a selection of these companies. They are classified according to their field of activities. Connect to www.pro-realestate.be/network for the full listing and their coordinates. You can also use your iPhone or other smartphones to search for those companies coordinates via the dedicated website m.pro-realestate.be

Identify the partners and suppliers who meet your needs through consulting their company profiles

BELGIUM REAL ESTATE SHOWCASE 2011 111

REAL ESTATE NETWORK I companies index I

BEFIMMO

REAL ESTATE DEVELOPMENT

BESIX REAL ESTATE DEVELOPMENT

REAL ESTATE CONSULTANCY

BNP PARIBAS REAL ESTATE

ALMA CONSULTING GROUP BELGIUM

BOUWFONDS PROPERTY DEVELOPMENT BELGIUM

AOS STUDLEY

BOUYGUES IMMOBILIER BELGIUM

ANIXTON

www.pro-realestate.be/anixton

BELTICO

www.pro-realestate.be/beltico

BPC BREEVAST DEVELOPMENT BELGIUM

BOSTON CONSULTING GROUP

BUELENS

CBRE

BURCO

COLLIERS-EPMC

CIP (CONSTRUCTION & INVESTMENT PARTNERS)

CUSHMAN & WAKEFIELD

CODIC

DE CROMBRUGGHE AND PARTNERS

COMPAGNIE DE PROMOTION (CDP)

DEVIMO CONSULT

DE PAEPE GROUP

DTZ

EURO IMMO STAR

FREESTONE

EXTENSA GROUP

GVA GRIMLEY BRUSSELS

FORUMINVEST

IMMOBILIEN HUGO CEUSTERS

GHELAMCO GROUP

IMMOQUEST

GROUP MAES

MCS

HERPAIN

JONES LANG LASALLE

IMMOBEL

KEY ESTATE

INTERVEST OFFICES

KING BELGIUM

KAIROS

KING STURGE

KBC REAL ESTATE

KNIGHT FRANK

MATEXI

SOGESMAINT

MONTEA

STRUCTURA BUSINESS PROPERTY

PROWINKO BELGIUM

www.pro-realestate.be/KBC-RE

PYLOS BELGIUM

BANKS – PROPERTY FINANCE

REDEVCO RETAIL

AAREAL BANK AG

ROBELCO GROUP

ABN AMRO BANK

SOFICOM DEVELOPMENT

AXA REAL ESTATE

THOMAS & PIRON

DEXIA REAL ESTATE BANKING ING BELGIUM KBC REAL ESTATE

UPLACE www.pro-realestate.be/ing www.pro-realestate.be/KBC-RE

SNS PROPERTY FINANCE

VERELST INDUSTRIEBOUW VIRIX WILHELM & CO

www.pro-realestate.be/wilhelm

WILLY NAESSENS

LEGAL AND FISCAL ADVISORY

WILMA PROJECT DEVELOPMENT

ALLEN AND OVERY ALTIUS | TIBERGHIEN

LOCAL AND PUBLIC AUTHORITIES

BAKER & MCKENZIE

AG STADSONTWIKKELINGSBEDRIJFGENT

CMS DEBACKER

AG VESPA ANTWERPEN

CRAWFORD BELUX

AWEX

DELOITTE REAL ESTATE

BRUSSELS EXPORT

ERNST AND YOUNG KPMG

BELGIAN BUILDINGS AGENCY www.pro-realestate.be/KPMG

www.pro-realestate.be/bba

FLANDERS INVESTMENT TRADE

LAGA

IDEA

LINKLATERS

IDELUX

LYDIAN LAWYERS

IGRETEC

STIBBE

SDRB GOMB BRDA

www.pro-realestate.be/sdrb

SPI

REAL ESTATE DEVELOPERS AG REAL ESTATE

ARCHITECTS

ALLFIN ATENOR GROUP BANIMMO REAL ESTATE

112 BELGIUM REAL ESTATE SHOWCASE 2011

ACCARAIN-BOUILLOT ARCHITECTES ASSOCIÉS www.pro-realestate.be/atenor

A.D.E. SPRL MARC STRYCKMAN AND PARTNERS A2RC ARCHITECTS

ALTIPLAN° ARCHITECTS

www.pro-realestate.be/altiplan

ARCHI 2000

TPF GROUP VK ENGINEERING

www.pro-realestate.be/vk

ARCHI+I ARCHITECTES ASSOCIES

ENVIRONMENTAL CERTIFICATION

ARCHITECTUURBUREAU LOWETTE

BUILDING FOR THE FUTURE

ARCHITEKTENBURO STORME VAN RANST

BREEAM

ART & BUILD ARCHITECTS

HQE

ASSAR ARCHITECTS

SECO

ATELIER D'ARCHITECTURE DE GENVAL

VALIDEO

www.pro-realestate.be/B4F

ATELIER DE L'ARBRE D'OR ATELIER XV

FEDERATIONS

BURO II

RICS BELUX

CERAU

RES

CHAPMAN TAYLOR BENELUX

ULI EUROPE

CONIX ARCHITECTEN

UPSI -BVS

CREPAIN-BINST ARCHITECTURE DDS & PARTNERS

BUILDING & FACILITY MANAGEMENT

DSW ARCHITECTS ELD PARTNERSHIP

INTEGRATED FACILITY MANAGEMENT

EXODE ARCHITECTURE

EUREST SERVICES

JASPERS - EYERS & PARTNERS

FACEO BELGIUM

MDW ARCHITECTURE

FACILICOM FACILITY SOLUTIONS ISS

MONTOIS PARTNERS ARCHITECTS PHILIPPE DE BLOOS ARCHITECTURE

www.pro-realestate.be/de-bloos

JOHNSON CONTROLS SODEXO BELGIUM

POPONCINI AND LOOTENS

www.pro-realestate.be/sodexoifm

PROJECT² RYCKAERTS & PARTNERS

SOURCING STRATEGY -CONSULTANCY

SAMYN AND PARTNERS

ALMA CONSULTING GROUP BELGIUM

SAQ

EUROPEAN & BELGIAN PUBLIC PROCUREMENT

VIZZION ARCHITECTS VK

www.pro-realestate.be/vk

FMIS-SOFTWARE AREMIS

www.pro-realestate.be/aremis

LANDSCAPE GARDENERS

MCS

INTERPLANT

PLANON

J.N.C INTERNATIONAL

PROCOS GROUP

WIRTZ INTERNATIONAL

ULTIMO BELGIUM

CONSTRUCTION – CONSULTANCY AND PROJECT MANAGEMENT

BUILDING TECHNICAL MAINTENANCE (MAINCONTRACTING)

ACMG CONSTRUCT.CONSULTANT

CEGELEC

ARCADIS

COFELY

AREMIS

www.pro-realestate.be/aremis

DALKIA

AT OSBORNE

FABRICOM

BOPRO REAL ESTATE SERVICES

IMTECH MAINTENANCE

NEXITY

JOHNSON CONTROLS

WIDNELL EUROPE

SODEXO BELGIUM SOPHIA GROUP

ENGINEERING CONSULTANCY

SPIE BELGIUM

ABT BELGIË

T.E.M

www.pro-realestate.be/sodexoifm www.pro-realestate.be/ sophia-group

AIR CONSULT ENGINEERING ARCADIS ENGINEERING & CONSULTING

BUILDING AUTOMATION

B SOLUTIONS

BECKHOFF AUTOMATION

MARCQ & ROBA

CEGELEC

SOPHIA GROUP TECHNUM - TRACTEBEL ENGINEERING

www.pro-realestate.be/ sophia-group

FABRICOM PRIVA BUILDING INTELLIGENCE

BELGIUM REAL ESTATE SHOWCASE 2011 113

REAL ESTATE NETWORK I companies index I

RISCO GROUP BENELUX

GLOBAL

SCHNEIDER ELECTRIC

K-ONCEPT

SIEMENS BUILDING TECHNOLOGIES

L.O.G

ACCESS CONTROL - INSTALLERS

OFFICE FURNITURE

ADT FIRE & SECURITY

BENE BELGIUM

AMANO ELECTRONICS EUROPE

BRUYNZEEL STORAGE SYSTEMS

AUTOMATIC SYSTEMS

BULO

GET

BULVANO

PROTIME

FORMA BRUSSELS

RISCO GROUP BENELUX

GIRSBERGER BENELUX

www.pro-realestate.be/global

GISPEN

SECURITY GUARDS

KINNARPS

COBELGUARD

MEWAF INTERNATIONAL

G4S SECURITY SERVICES

PAMI

LANCELOT PROTECTION IMMOBILIERE

SEDUS STOLL

SECURITAS

STEELCASE BELGIUM

SERIS SECURITY

TRIGION SECURITY

VITRA BELGIUM WILKHAHN

REMOVALS – SERVICE PROVIDERS ALLIED ARTHUR PIERRE

PARTINIONING (WALLS)

DOCKX VERHUISBEDRIJF

BEDDELEEM

GOSSELIN GROUP

CLESTRA HAUSERMAN

MOZER GROUP POTIEZ-DEMAN

MAARS JANSEN PARTITIONING SYSTEMS www.pro-realestate.be/potiez

PAN-ALL

YOUR MOVER VANDERGOTEN

INTERIOR RENOVATION AND FINISHING

ZIEGLER

BEDDELEEM

WORKPLACE DESIGN & MANAGEMENT FIT-OUT AND WORKPLACE DESIGN

JANSEN FINISHINGS MASTER KEY

www.pro-realesate.be/potiez

TECNIBO

AOS BELGIUM BUROCONCEPT

FEDERATION

D&C SERVICES

BEMAS (BELGIAN MAINTENANCE ASSOCIATION)

DE CORT & DERVICHIAN

CONFEDERATION DE LA CONSTRUCTION

EXODE ARCHITECTURE

IFMA BELGIAN CHAPTER

Belgium Real Estate Showcase I 2011 A special issue of Profacility quarterly magazine, published by

Contributors • Georges BINDER, Director, Buildings & Data • Guibert DE CROMBRUGGHE, Managing Director, de Crombrugghe & Partners

Business Interactive Media bvba Louisalaan 475 -1050 Brussels Tel. +32(0)2 669 77 65 - Fax +32(0)2 626 37 17 • Luc DEPRE, Partner CMS Debacker info@bimedia.be - www.bimedia.be specialized in environmental law and energy Publication Director Didier VAN DEN EYNDE • Bruno DUQUESNE, Partner CMS dvandeneynde@profacility.be Debacker and Head of the Corporate Real Estate Practice FINAL EDITOR Tim HARRUP tharrup@pro-realestate.be editorial TEAM Patrick BARTHOLOMÉ redaction@profacility.be Eduard CODDé redactie@profacility.be 114 BELGIUM REAL ESTATE SHOWCASE 2011

• Christophe NIHON, Managing Partner, IMMOQUEST • Jan VOET, Editor of Warehouse & Logistics Magazine • Patrizia TORTOLANI, Economist, de Crombrugghe & Partners

ADVERTENTIE & marketing Key Account Manager Sigrid NAUWELAERTS snauwelaerts@pro-realestate.be Marketing Didier VAN DEN EYNDE dvandeneynde@bimedia.be Advertising rates are available on www.profacility.be/advertising

ProductiON Str8 Communication Company Lay-out Kurt THYS www.str8.be Production coordination Arnout Van Hoeke avanhoeke@bimedia.be Printing Van der Poorten NV www.vanderpoorten.be

www.pro-realestate.be/ifma

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Connect with www.pro-realestate.be for key information to optimize your real estate management: investment strategy (purchase, lease or rent), choice of the perfect location according to the company’s activities, selection of the most suitable building, financing and taxation, building fit out, move, building facilities operations. Send your press information to press@pro-realestate.be

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Follow the guide for high performance in your real estate investments and management Showcase of Belgian corporate real estate • forthcoming town planning projects • sales & letting trends, projects and players for those markets: ofﬁce buildings, retail estate, logistic & industrial estate • trends en best practices in investment, asset & property management

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Pro-RealEstate ‘Belgium Real Estate showcase’ yearbook

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The Pro-RealEstate media are published by : Business Interactive Media sprl Avenue Louise, 475 BE 1050 Brussels TEL. +32 (0)2 669 77 65 I FAX. +32 (0)2 626 37 17 info@bimedia.be I www.bimedia.be

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1. South City Office - Investment Advice (13.200 m2) | 2. RTBF - Real Estate Strategy (80.000 m2) | 3. Baker & McKenzie - “Stay or Move?” (4.800 m2) 4. Louise 250 - Investment Advice (10.000 m2) | 5. Realex - Investment Advice (30.000 m2)

Our gallery is expanding... Maybe that’s why we have been ranked the number 2 of real estate investment consultants in Belgium? * With 200 million euro of investments and over 500.000 m2 of optimized commercial property, Anixton is a new reference in Belgium. Occupiers Services, Letting Instruction Coordination & Investment Advice : as independent real estate consultants, Anixton offers tailor-made solutions to occupiers, developers, owners and investors. Always aiming to guarantee total customer satisfaction to those who honour us with their trust. With a special focus on quality and personalized advice & service. If you also believe that our approach makes sense, then please meet us to discuss your own specific needs. * Ranking Expertise News, 1st semester 2010 (independent source)

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