The Belgian government, via its sovereign wealth fund SFPIM, has acquired 23 office buildings in Brussels (340,000 m2) for €900 mln from the European Commission.
The project, estimated to cost nearly €2 bn in total including renovation work, aims to transform the currently office-dominated area into a thriving, mixed-use neighbourhood.
SFPIM, partnering with Ethias under the Belgian Cityforward initiative, plans to convert 21 of the buildings (70%) into sustainable office spaces. However, the project goes beyond just workplaces. The vision is to create a more balanced and attractive community by incorporating shops, public facilities, and new housing (30%). This includes building an estimated 750-800 apartments, to double the number of families residing in the heart of the EU district.
The first wave of new residents and office tenants are expected to move in by 2028.
To finance this transformation, the Cityforward fund, managed by Brussels-based Whitewood, secured funding from a consortium of investors, including finance&invest.brussels and Ethias.
Laurence Bovy, president of the board of directors of SFPIM, said: ‘Thanks to this transformation, we are strengthening the position of our capital as the heart of Europe and responding to the strong demand for diversification and additional housing in the European district.’
Philippe Lallemand, CEO of Ethias, added: ‘This new acquisition will also allow the European Commission to settle permanently in sustainable buildings using cutting-edge technology. On the other hand, it will encourage the arrival of new residents, thanks to the reintroduction of quality housing affordable and the creation of a school or even local shops.’
The remaining two buildings, located outside the EU district, were sold directly: one to developer Matexi and the other to residential real estate investor Vicinity.
This acquisition aligns with the Brussels Region's broader plan to rebrand the EU quarter. Launched last year under the slogan "Still alive after five," the initiative aims to transform the district into a vibrant, multicultural community that thrives 24/7.
