Europe's largest listed property company Unibail-Rodamco has signed an agreement with the City of Brussels confirming its position as co-developer of the giant NEO 1 project.
Europe's largest listed property company Unibail-Rodamco has signed an agreement with the City of Brussels confirming its position as co-developer of the giant NEO 1 project.
As announced in April, Unibail-Rodamco will develop and operate the 112,000 m2 Mall of Europe, the centrepiece of the mixed-use NEO project, for an estimated investment of €550 mln. The mall will provide retail, leisure and restaurant space and is expected to open in 2021.
Besides the shopping centre, the NEO project will provide 590 housing units, two day nurseries, 3,500 m2 of offices and a retirement home. Developers CFE and Besix have been contracted for the residential element.
Christophe Cuvillier, CEO and management board chairman of Unibail-Rodamco, said: ‘This agreement is a new milestone for this major project in the Brussels region. The group is proud to develop, in collaboration with its partners and the City of Brussels, this very ambitious project, a first for the group in Belgium.’
The Neo Brussels project is being developed in stages and will involve a total investment of €900 mln. The project is designed to affirm the Belgian capital's credentials as a truly international city.
